Document:

EX-10.2

 Exhibit 10.2 

PRIVILEGED AND CONFIDENTIAL 

AGREEMENT AND PLAN OF MERGER 
 BY
AND AMONG 
 AVALON LABORATORIES HOLDING CORP., 

NORDSON MEDICAL CORPORATION, 

ARRIBA MERGER CORP., 
 AMERICAN
CAPITAL EQUITY III, LP, AS SECURITYHOLDERS’ REPRESENTATIVE 
 and 

FOR THE LIMITED PURPOSES SET FORTH HEREIN, NORDSON CORPORATION. 

Dated as of August 1, 2014 

 TABLE OF CONTENTS 

 

			
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 i 

 SCHEDULES 
  

			
		  	Disclosure Schedule
	Schedule A	  	Pro Rata Share
	Schedule B	  	Net Working Capital Illustration
	Schedule C	  	List of Securityholders
	Schedule 2.1(f)	  	Officers of Surviving Entity
	Schedule 5.2	  	Pre-Closing Period Conduct of Business
	Schedule 7.1(c)	  	Board Resignations
	Schedule 7.1(d)	  	Estimated Indebtedness Payment

 EXHIBITS 
  

			
	Exhibit A	  	Form of Certificate of Merger
	Exhibit B	  	Form of Certificate of Incorporation
	Exhibit C	  	Form of Escrow Agreement
	Exhibit D	  	Form of Letter of Transmittal
	Exhibit E	  	Form of Written Consent
	Exhibit F	  	Form of Non-Solicitation Agreement
	Exhibit G	  	Form of SAR Recipient Acknowledgment

  
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 AGREEMENT AND PLAN OF MERGER 

This AGREEMENT AND PLAN OF MERGER (hereinafter, and as may be amended from time to time, in accordance with the terms hereof, the
“Agreement”), dated as of August 1, 2014, by and among Avalon Laboratories Holding Corp., a Delaware corporation (the “Company”), Nordson Medical Corporation, an Ohio corporation
(“Parent”), Arriba Merger Corp., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), American Capital Equity III, LP, solely in its capacity as the Securityholders’
Representative hereunder (the “Securityholders’ Representative”) (collectively, the “Parties”), and, for the limited purposes set forth in Section 10.14, Nordson Corporation, an Ohio
corporation (“Guarantor”). Capitalized terms used in this Agreement without definition shall have the meaning given to such terms in Section 1.1 hereof. 

RECITALS 
 WHEREAS,
Parent and Merger Sub desire to acquire 100% of the issued and outstanding equity interests of the Company on the terms and subject to the conditions set forth in this Agreement. 

WHEREAS, in furtherance of such acquisition, the respective boards of directors of each of Parent and Merger Sub, and the board of the
Company, have each approved this Agreement, and declared advisable the merger of Merger Sub with and into the Company (the “Merger”), upon the terms and subject to the conditions set forth in this Agreement and in accordance
with the Delaware General Corporation Law (“DGCL”).  
 WHEREAS, the board of directors of Merger Sub has
recommended this Agreement for adoption and approval by its stockholder. 
 WHEREAS, following the execution of this Agreement, the Company
shall obtain, in accordance with Section 228 of the DGCL, a unanimous written consent of its stockholders, in the form attached as Exhibit E hereto, approving this Agreement, the Merger and the other transactions contemplated hereby in
accordance with Section 251 of the DGCL (the “Written Consent”). 
 WHEREAS, pursuant to the Written Consent,
the stockholders of the Company shall appoint the Securityholders’ Representative to act in such capacity in connection with the Merger and the Transactions and the transactions contemplated by the Transaction Documents. 

  
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 NOW, THEREFORE, in consideration of the above premises and the mutual representations,
warranties, covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Certain Defined Terms. For purposes of this Agreement, the following terms shall have the following meanings: 

“Accounting Standards” means the accounting methods, policies, principles, practices and procedures used by the Company in
the preparation of the Interim Balance Sheet, and shall not include or give effect to any purchase accounting adjustments or other changes arising from or resulting as a consequence of the Transactions. 

“Actual Closing Cash” means the Cash of the Company and its Subsidiaries as of the close of business on the Closing Date, as
finally determined pursuant to Section 2.6. 
 “Actual Transaction Expenses” means the actual Transaction
Expenses unpaid as of the Closing (including the amount of the payments being made under Section 2.3(a)(v)), as finally determined pursuant to Section 2.6. 

“Affiliate” means, with respect to any Person, any other Person controlling, controlled by, or under common control with such
other Person. For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings. Notwithstanding the foregoing, for purposes of this Agreement, (i) neither the Company nor any of
its Subsidiaries shall be considered an Affiliate of any current or former Securityholder (or any of their respective Affiliates) and (ii) neither the Company nor any of its Subsidiaries shall be considered an Affiliate of Parent or Merger Sub
prior to the Closing. 
 “Aggregate Option Exercise Amount” means the aggregate amount of the per share exercise price
payable for the vested portion of all Eligible Options. 
 “American Capital” means American Capital Equity III, LP. 

“Antitrust Authorities” means the United States Federal Trade Commission and the Antitrust Division of the United States
Department of Justice, the attorneys general of the several states of the United States and any other domestic or foreign Governmental Body having jurisdiction with respect to the Transactions pursuant to applicable Antitrust Laws. 

“Antitrust Laws” means the Sherman Act, the Clayton Act, the HSR Act, the Federal Trade Commission Act, in each case as
amended, and all other federal, state and foreign statutes, rules, regulations, orders, decrees, administrative and judicial doctrines, and other applicable competition, merger control, antitrust or similar Laws. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by Law to close. 
 “Cash” means cash and cash equivalents on hand, in transit, or in deposit
accounts of the Company and its Subsidiaries, in each case, as of the close of business on the Closing Date. 

  
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 “Certificates” means the stock certificates representing all of the outstanding
shares of Company Capital Stock. 
 “Charter” means the Restated Articles of Incorporation of the Company dated
December 14, 2007. 
 “Class A Common Stock” means Class A Voting Common Stock, par value $0.001 per share.

 “Class B Common Stock” means Class B Non-Voting Common Stock, par value $0.001 per share. 

“Clayton Act” means the Clayton Antitrust Act of 1914, as amended, codified at 15 U.S.C. § 12 et seq. and 29
U.S.C. §§ 52–53, and the rules and regulations promulgated thereunder. 
 “Closing Date Working Capital”
means the actual Net Working Capital as of the close of business on the Closing Date. 
 “Code” means the Internal Revenue
Code of 1986, as amended. 
 “Common Stock” means the Class A Common Stock and Class B Common Stock. 

“Company Capital Stock” means the Class A Common Stock, Class B Common Stock, and Preferred Stock. 

“Confidentiality Agreement” means that certain confidentiality agreement entered into by Parent and the Company on or prior
to the date hereof, as amended. 
 “Consent” means any approval, consent, license, permit, notice or other authorization
(including any Governmental Authorization). 
 “Contract” means any legally binding contract, lease or other property
agreement, license, indenture, note, bond, agreement, permit, concession, franchise, commitment, mortgage, partnership or joint venture agreement, instrument or other legally binding agreement, whether written or oral. 

“Controlled Group” means any trade or business (whether or not incorporated) (i) under common control within the meaning
of Section 4001(b)(1) of ERISA with the Company or any of its Subsidiaries or (ii) which together with the Company or any of its Subsidiaries is treated as a single employer under Section 414(t) of the Code. 

“Current Assets” means, on a consolidated basis, the current asset line item accounts set forth on Schedule B. 

“Current Liabilities” means, on a consolidated basis, the current liability line item accounts set forth on Schedule
B. 

  
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 “Damages” means all assessments, levies, awards, judgments, losses, fines,
penalties, damages, amounts paid in settlement, costs and expenses, including reasonable attorneys’, accountants’, investigators’ and experts’ fees and expenses incurred in investigating or defending any claim; provided
that Damages shall exclude consequential and punitive damages (except to the extent such damages are payable to a third party). 

“Disclosure Schedule” means the Disclosure Schedule of the Company attached to this Agreement. 

“Eligible Option” means each Option that (a) has an exercise price per share less than the Estimated Price Per Share set
forth in the Estimated Statement and (b) is fully or partially vested on or prior to the Closing Date in accordance with the terms thereof (after giving effect to any vesting which is triggered by the transactions contemplated herein). 

“Eligible Optionholder” means any Person holding an Eligible Option. 

“EMA” shall mean the European Medicines Agency. 

“Employee Benefit Plans” means all “employee benefit plans,” as defined in Section 3(3) of ERISA and all other
bonus, pension, profit sharing, deferred compensation, incentive compensation, equity ownership, equity purchase, equity option, phantom equity, retirement, vacation, severance, salary continuation, disability, death benefit, hospitalization,
medical or other plan, program, contract or arrangement, and any trust, escrow or similar arrangement related thereto, whether or not funded, (i) that are sponsored or maintained by, or contributed to by, the Company or any of its Subsidiaries,
(ii) with respect to which the Company or any of its Subsidiaries have made or are required to make payments, transfers or contributions and that provide benefits or compensation to any current or former employee, officer or director of the
Company, its Subsidiaries or any member of the Controlled Group, or (iii) with respect to which the Company or any of its Subsidiaries have any Liability. 

“Encumbrance” means any mortgage, deed of trust, hypothecation, pledge, lien (statutory or otherwise), security interest,
charge, easement, tenancy or encumbrance of any kind, whether voluntary or involuntary (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest) and, with
respect to capital stock or other equity interest, any option or other right to purchase or any restriction on voting or other rights, but excluding any restrictions on transfer under federal or state securities Laws. 

“Engagement Letter” means that certain engagement agreement between the Company and PJC. 

“Enterprise Value” means $180,000,000. 

“Environment” means soil, surface waters, groundwater, land, stream sediments, surface or subsurface strata, ambient air
(including, indoor air or indoor air quality), including any material or substance used in the physical structure of any building or improvement. 

  
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 “Environmental Law” means any applicable Law relating to pollution or the
protection of the Environment, natural resources or human health and safety with respect to Hazardous Materials. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended. 
 “Escrow Amount” means an amount equal to
$5,400,000. 
 “Estimated Price Per Share” means (a)(i) the Estimated Merger Consideration plus (ii) the
Aggregate Option Exercise Amount minus (iii) 92.5% of the Escrow Amount minus (iv) 92.5% of the Securityholders’ Representative Amount divided by (b) the Fully Diluted Common Shares. 

“Federal Trade Commission Act” means Federal Trade Commission Act of 1914, as amended, codified 15 U.S.C. § 41 et
seq., and the rules and regulations promulgated thereunder. 
 “FDA” shall mean the U.S. Food and Drug Administration.

 “FDCA” shall mean the Federal Food, Drug and Cosmetic Act, 21 U.S.C. 321 et seq., and all regulations promulgated
thereunder. 
 “Fully Diluted Common Shares” means (a) all shares of the Class A Common Stock and Class B
Common Stock issued and outstanding immediately prior to the Effective Time (excluding shares of Common Stock held in the treasury of the Company, if any) plus (b) all shares of the Preferred Stock issued and outstanding immediately
prior to the Effective Time (with such number of shares of Preferred Stock calculated, for this purpose, by treating the shares of Preferred Stock as having been converted into outstanding shares of Class A Common Stock without the need for
actual conversion (and without having been actually converted) pursuant to the Charter, but excluding shares of Preferred Stock held in the treasury of the Company, if any) plus (c) the aggregate number of Option Shares. 

“GAAP” means United States generally accepted accounting principles as in effect at an applicable time, applied consistently
by the Company and its Subsidiaries’ in accordance with past practices. 
 “Governmental Authorization” means any
approval, consent, license, permit, franchise, registration, qualification, certificate or other authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Laws. 

“Governmental Body” means any government or governmental or regulatory body thereof, or political subdivision thereof, or any
agency, instrumentality or authority thereof, or any court or arbitrator (public or private), in each case, whether federal, state, local or foreign. 

“Hazardous Materials” means any pollutant, toxic substance, waste, or material that is defined or otherwise regulated under
any Environmental Law as “toxic” or “hazardous” or “contaminant”, and including without limitation asbestos and asbestos-containing materials, petroleum or petroleum-containing materials, radiation and radioactive
materials, other harmful biological agents, and polychlorinated biphenyls. 

  
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 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, codified at 15 U.S.C. § 18a et seq, and the rules and regulations promulgated thereunder. 

“Indebtedness” means with respect to any Person (i) all indebtedness for borrowed money, (ii) any accrued and
unpaid interest on and any prepayment premiums, penalties or similar contractual charges in respect of any Indebtedness repaid at the Closing or that are triggered by the Closing, (iii) any liability evidenced by a bond, note, debenture or
similar instrument (including a purchase money obligation), (iv) any liability for the payment of money relating to leases that are required to be classified as a capitalized lease obligation in accordance with GAAP, (v) any liability for
all or any part of the deferred purchase price of property or services (other than trade payables), including any “earnout,” “holdback” or similar payments, (vi) any liability under interest rate swap, hedging or similar
agreements, (vii) any liability for declared but unpaid dividends payable on preferred stock, and (viii) current management fees payable to American Capital; provided, that any of the foregoing shall not be considered Indebtedness
to the extent accrued for in the calculation of the Closing Date Working Capital. Indebtedness will also include any liability of others described in clauses (i) through (viii) above that any Person has guaranteed, that is recourse to such
Person or any of its assets or that is otherwise its legal liability or that is secured in whole or in part by the assets of such Person. For the avoidance of doubt, Indebtedness shall not include any payables or loans of any kind or nature between
or among the Company and its wholly-owned Subsidiaries. 
 “Indebtedness Amount” means the amount of Indebtedness of the
Company and its Subsidiaries as of the Closing (without giving effect to repayments of Indebtedness occurring in connection with the Closing, including payment of the Estimated Indebtedness Payment, or any Indebtedness incurred on behalf of Parent
or Merger Sub or any of their respective Affiliates (as determined immediately prior to Closing)), as finally determined pursuant to Section 2.6. 

“Independent Accounting Firm” means KPMG LLP, and if such firm refuses or is unable to perform the requested services, Parent
and the Securityholders’ Representative shall negotiate in good faith to agree upon a different independent accounting firm, which such other accounting firm the parties agree shall be one of the twenty largest accounting firms in the United
States. 
 “Information Systems” means all computer hardware, databases and data storage systems, computer, data, database
and communications networks (other than the Internet), architecture interfaces and firewalls (whether for data, voice, video or other media access, transmission or reception) and other apparatus used to create, store, transmit, exchange or receive
information in any form. 
 “Intellectual Property” means all of the following: (i) patents; (ii) trademarks,
service marks, trade dress, trade names, corporate names, together with all goodwill associated with the foregoing; (iii) Internet domain names; (iv) copyrights, including copyrights in computer software; (v) registrations and
applications for any of the foregoing; (vi) trade secrets; (vii) all other intellectual property and proprietary rights; and (viii) all rights to enforce and to collect damages for past, present and future violations of the foregoing.

  
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 “IRS” means the Internal Revenue Service. 

“Judgment” means any judgment, decision, order, decree, writ, injunction, ruling or award entered or issued by any
Governmental Body. 
 “Knowledge” means the actual (and not imputed or constructive) knowledge of (i) with
respect to the Company or any of its Subsidiaries, Michael Janish, John LeRosen, Dana Rodriguez and K. Paul Schmeling, and (ii) with respect to Parent and Merger Sub, their respective executive officers.  

“Law” means any foreign, federal, state or local law (including common law), statute, code, rule, regulation or
ordinance of any Governmental Body. 
 “Letter of Transmittal” means a Letter of Transmittal executed and delivered
by a Securityholder in the form attached hereto as Exhibit D. 
 “Liability” means any direct or indirect liability,
legally binding commitment or expense of any Person of any type, whether known, accrued, absolute, contingent, matured or unmatured. 

“Management Agreement” means the Management Fee Agreement, dated January 9, 2008, among the Company, one or more of its
Subsidiaries and American Capital (as transferee of American Capital, Ltd. (f/k/a American Capital Financial Services, Inc.)). 

“Material Adverse Effect” means any change, event, development, state of facts, circumstances or effect that, individually or
in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on (i) the assets, business, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole; provided,
however, that none of the following shall be taken into account in determining whether there has occurred a “Material Adverse Effect”: any changes, events, developments, state of facts, circumstances or events that are (a) in
interest or foreign exchange rates, (b) generally applicable to the industries and markets in which the Company or any of its Subsidiaries operate which does not have a disproportionate impact on the Company or its Subsidiaries,
(c) generally applicable to the business or economic conditions in the United States or other localities in which the Company or its Subsidiaries operate, (d) generally applicable to financial, banking or securities markets,
(e) relating to any change in Law, in GAAP or in any interpretation thereof which does not have a disproportionate impact on the Company or its Subsidiaries, (f) relating to or caused by Parent, Merger Sub or any of their respective
Affiliates (determined immediately prior to the Closing), (g) arising from any action taken at the request of Parent, (h) resulting from earthquakes, hurricanes or other natural disasters or from the engagement in hostilities (or
escalation thereof) whether or not pursuant to the declaration of a national emergency or war, or resulting from the occurrence of any military or terrorist attack, (i) relating to the failure of the Company or any of its Subsidiaries to meet
any internal projections, or (j) resulting from the execution of this Agreement or any other Transaction Document, the public announcement of the Transactions or the transactions contemplated by the other Transaction Documents, or (ii) the
ability of the Company to consummate the Transactions. 
 “Merger Consideration” means an amount equal to: (i) the sum
of: (A) the Enterprise Value, (B) the Working Capital Adjustment Amount, and (C) Actual Closing Cash, minus 

  
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(ii) the sum of (X) the Indebtedness Amount and (Y) the Transaction Expenses. The Merger Consideration shall be estimated and finally determined pursuant to
Section 2.6. The Merger Consideration shall be paid as and when described in this Agreement. 
 “Net Working
Capital” means the Current Assets less the Current Liabilities, determined in accordance with the Accounting Standards, as of the close of business on the applicable date. For illustrative purposes, the determination of Net Working Capital
as of April 30, 2014 is set forth on Schedule B. 
 “Option” means each option to purchase Class B Common
Stock issued pursuant to the Option Plan, whether or not vested, that has not expired (or has fully or partially expired and is listed in Section 7.1(g) of the Disclosure Schedule) and that has not been forfeited or exercised in full prior to
the Effective Time. 
 “Option Plan” means the Avalon Laboratories Holding Corp. 2008 Long-Term Incentive Plan, as amended
to date. 
 “Option Share” means a share of Class B Common Stock issuable upon exercise of the vested portion of an
Eligible Option in accordance with its terms. 
 “Optionholder” means any Person holding an Option. 

“Parent Material Adverse Effect” means a material adverse effect on the ability of Parent or Merger Sub to consummate the
transactions contemplated by the Transaction Documents or satisfy all of its performance and payment obligations thereunder. 

“Permitted Encumbrances” means (i) Encumbrances for Taxes and other governmental charges and assessments that are not
yet due and payable as of the Closing Date, and Encumbrances for current Taxes and other charges and assessments of any Governmental Body that may thereafter be paid without penalty or that are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves have been established in the Company’s or a Subsidiary’s financial statements in accordance with GAAP, (ii) Encumbrances of carriers, warehousemen, mechanics and materialmen that, in any
case, have arisen in the Company’s or a Subsidiary’s ordinary course of business, are not material to the business, operations or financial condition of the Company’s or Subsidiary’s property so encumbered and are not resulting
from a breach, default or violation by the Company or Subsidiary of any Contract or Law, (iii) other Encumbrances or imperfections of title to or on real or personal property that are not material in amount or do not materially detract from the
existing use of the property affected by such Encumbrance or imperfection, (iv) all Encumbrances and other similar restrictions of record identified in any title reports made available to Parent, (v) Encumbrances imposed by Law that relate to
obligations that are not yet due and payable, have arisen in the Company’s or a Subsidiary’s ordinary course of business, are not material to the business, operations or financial condition of the Company’s or Subsidiary’s
property so encumbered and are not resulting from a breach, default or violation by the Company or Subsidiary of any Contract or Law, (vi) Encumbrances that secure obligations reflected as liabilities in the Audited Financial Statements or the
Unaudited Financial Statements (or the existence of which is referred to in the notes accompanying the Audited Financial Statements), (vii) any Encumbrances 

  
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permitted to be outstanding under any of the documents governing the Indebtedness to be repaid at Closing pursuant to the terms hereof, (viii) Encumbrances registered under the Uniform
Commercial Code as adopted in any particular state or similar legislation in other jurisdictions by any lessor or licensor of personal property to the Company, (ix) Encumbrances to lenders incurred in deposits made in the ordinary course in
connection with maintaining bank accounts, (x) deposits or pledges to secure the payment of workers’ compensation, unemployment insurance, social security benefits or obligations arising under similar Laws, or to secure the performance of
public or statutory obligations, surety or appeal bonds, and other obligations of a like nature and (xi) Encumbrances created by any of the Transaction Documents, or by the actions of Parent. 

“Person” means an individual, corporation (including any non-profit corporation), general or limited partnership, limited
liability company, limited liability partnership, joint venture, estate, trust, unincorporated organization, association, organization or other entity or form of business enterprise or Governmental Body. 

“PJC” means Piper Jaffray & Co. 

“Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date and the portion through the end of the
Closing Date for any Straddle Period. 
 “Preferred Stock” means the Series A-1 Preferred Stock and Series A-2 Preferred
Stock. 
 “Proceeding” means any judicial, administrative or arbitral claims (including counterclaims), actions, suits,
mediation or proceedings brought or conducted by or before any Governmental Body. 
 “Pro Rata Share” means the percentages
set forth on Schedule A, which Schedule A shall be delivered by the Securityholders’ Representative to Parent not later than two Business Days prior to the Closing. 

“Real Property” means any and all real property and interests in real property of the Company or any Subsidiary (together
will all buildings, structures, fixtures and improvements thereon), including the Leased Real Property, any real property leaseholds and subleaseholds, purchase options, easements, licenses, rights to access and rights of way and any other real
property otherwise owned, occupied or used by the Company or any Subsidiary. 
 “Release” means any releasing, spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing or dumping of a Hazardous Material into the Environment (including the abandonment or discarding of barrels, containers and other closed
receptacles containing any Hazardous Materials) and any condition that results in the exposure of a Person to a Hazardous Material. 

“Representative” or “Representatives” means, with respect to a particular Person, any director, member,
limited or general partner, officer, manager, employee, agent, consultant, advisor or other representative of such Person, including outside legal counsel, accountants and financial advisors. 

  
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 “SAR Payments” means those payments due upon the Closing to the SAR Recipients
pursuant to the SAR Plan and any applicable grant agreements thereunder (including any amount that is a “Contingent Total Amount” under Section 8 of the SAR Plan). 

“SAR Plan” means the Amended and Restated Avalon Laboratories Holding Corp. 2008 Executive Incentive Compensation Plan. 

“SAR Recipient” means a Person who has received a grant of Units (as defined in the SAR Plan) pursuant to the SAR Plan that
has not expired or been forfeited or exercised in full prior to the Effective Time. 
 “Securityholders” means all Persons
identified on Schedule C as a “Securityholder.” 
 “Securityholders’ Representative Amount”
means an amount equal to $500,000, which amount shall be paid by Parent to the Securityholders’ Representative in accordance with Section 2.3(a)(iv) and shall be used to satisfy costs, expenses and/or liabilities of the
Securityholders’ Representative and/or the Securityholders in connection with matters hereunder. For the avoidance of doubt, at no time shall any portion of the Securityholders’ Representative Amount be available for satisfaction of
indemnification claims under Article 8. 
 “Series A-1 Preferred Stock” means Series A-1 Preferred Stock, par value
$0.001 per share. 
 “Series A-2 Preferred Stock” means Series A-2 Preferred Stock, par value $0.001 per share. 

“Sherman Act” means the Sherman Antitrust Act of 1890, as amended, codified at 15 U.S.C. § 1 et seq, and the
rules and regulations promulgated thereunder. 
 “Straddle Period” means any taxable period that includes (but does not end
on) the Closing Date. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability
company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or
other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. 

“Target Working Capital Lower Threshold” means $6,750,000. 

“Target Working Capital Upper Threshold” means $7,250,000. 

“Tax” or “Taxes” means all (i) all federal, state, local, provincial and foreign income, alternative or
add-on minimum, gross receipts, sales, use, ad valorem, escheat, abandoned or 

  
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unclaimed property, value added, transfer, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, environmental or windfall profit
tax, custom, duty or other tax, governmental fee or other similar assessment or charge of any kind whatsoever, together with any interest, penalty, addition to tax or additional amount imposed by any Law or taxing authority, whether disputed or not,
(ii) all liability for the payment of any amounts of any of the foregoing types as a result of being a member of an affiliated, consolidated, combined or unitary group, or being a party to any agreement or arrangement whereby liability for
payment of such amounts was determined or taken into account with reference to the liability of any other Person, (iii) all liability for the payment of any amounts as a result of being a party to any tax sharing or allocation agreements or
arrangements (whether or not written) or with respect to the payment of any amounts of any of the foregoing types as a result of any express or implied obligation to indemnify any other Person, and (iv) all liability for the payment of any of
the foregoing types as a successor, transferee or otherwise. 
 “Tax Return” means all federal, state, local, provincial
and foreign Tax returns, statements, reports, elections, schedules, claims for refund, and forms (including estimated Tax or information returns and reports), including any supplement or attachment thereto and any amendment thereof. 

“Third Party Claim” means any action, suit, proceeding, investigation, or like matter (except a claim by an officer, or
director to enforce its rights under Section 5.4), which is asserted or threatened by a party other than the parties hereto, their successors and permitted assigns against any Indemnified Party or to which any Indemnified Party is
subject. 
 “Transaction Expenses” means (i) the fees and expenses incurred by the Company or its Subsidiaries (on
behalf of the Company, its Subsidiaries or otherwise) in connection with the drafting, negotiation, execution and delivery of this Agreement and the other Transaction Documents and the consummation of the Transactions and the transactions
contemplated by the Transaction Documents, including amounts paid pursuant to the Engagement Letter (but, for the avoidance of doubt, not including any fees and expenses incurred by or on behalf of Parent, Merger Sub or any of their respective
Affiliates (as determined immediately prior to the Closing)); provided that no amounts paid pursuant to the Engagement Letter shall be deemed incurred by or on behalf of Parent, Merger Sub or of any of their respective Affiliates,
(ii) all bonus compensation payable to any of the directors, independent contractors, officers, managers or other employees of the Company or any of its Subsidiaries in connection with the consummation of the Transactions, including the SAR
Payments, and including the employer portion of any payroll, Social Security or similar Taxes owed with respect to such bonus compensation, and (iii) any closing or other transaction fees paid to the Securityholders or any of their respective
Affiliates in connection with the transactions contemplated by the Transaction Documents; provided, that any of the foregoing amounts in clauses (i), (ii) and (iii) shall not be considered Transaction Expenses to the extent included
in the calculation of Indebtedness or the Closing Date Working Capital. 
 “Underwater Option” means each Option that has
an exercise price per share equal to or greater than the Estimated Price Per Share set forth in the Estimated Statement. 

  
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 “WARN Act” means the Worker Adjustment and Retraining Act of 1988, as amended,
and any similar state, local or foreign law. 
 “Working Capital Adjustment Amount” means (i) in the event that the
Closing Date Working Capital, as finally determined pursuant to Section 2.6, is greater than the Target Working Capital Upper Threshold, the positive amount equal to such Closing Date Working Capital minus the Target Working
Capital Upper Threshold, (ii) in the event that the Closing Date Working Capital, as finally determined pursuant to Section 2.6, is less than the Target Working Capital Lower Threshold, the negative amount equal to such Closing Date
Working Capital minus the Target Working Capital Lower Threshold or (iii) otherwise, zero dollars ($0). 
 “Working
Capital Initial Adjustment Amount” means (i) in the event that the Estimated Closing Working Capital is greater than the Target Working Capital Upper Threshold, the positive amount equal to the Estimated Closing Working Capital
minus the Target Working Capital Upper Threshold, (ii) in the event that the Estimated Closing Working Capital is less than the Target Working Capital Lower Threshold, the negative amount equal to the Estimated Closing Working Capital
minus the Target Working Capital Lower Threshold or (iii) otherwise, zero dollars ($0). 
 1.2 Index of Certain Other
Definitions. The following capitalized terms used in this Agreement have the meanings located in the corresponding section below. 
  

			
	 Term
	  	 Section

	280G Stockholder Vote	  	Section 5.16
	AC Indemnitors	  	Section 5.4(g)
	Accounting Firm Allocation	  	Section 2.6(c)
	Adjustment Amount	  	Section 2.6(d)
	Agreement	  	Introduction
	Audited Financial Statements	  	Section 3.7(a)
	Certificate of Merger	  	Section 2.1(c)
	Claiming Party	  	Section 10.1
	Closing	  	Section 2.1(b)
	Closing Date	  	Section 2.1(b)
	Collateral Source	  	Section 8.6(b)
	Confidential Information	  	Section 5.6(b)
	Consolidated Tax Return	  	Section 5.7(a)
	Company	  	Introduction
	Company Required Vote	  	Section 3.22
	Company Transaction Documents	  	Section 3.2(a)
	Continuing Employee	  	Section 5.11
	D&O Indemnitees	  	Section 5.4(a)
	Deductible	  	Section 8.3(b)
	Defending Party	  	Section 10.1
	Determination Date	  	Section 2.6(c)
	DGCL	  	Recitals
	Dispute Notice	  	Section 2.6(c)
	Dissenting Shares	  	Section 2.5(a)

  
 12 

			
	 Term
	  	 Section

	Draft Computation	  	Section 2.6(b)
	Effective Time	  	Section 2.1(c)
	Environmental Permits	  	Section 3.17(a)
	Escrow Agent	  	Section 2.3(a)(iii)
	Escrow Agreement	  	Section 2.3(a)(iii)
	Escrow Fund	  	Section 2.3(a)(iii)
	Estimated Closing Cash	  	Section 2.6(a)
	Estimated Indebtedness Amount	  	Section 2.6(a)
	Estimated Indebtedness Payment	  	Section 2.3(a)(vi)
	Estimated Merger Consideration	  	Section 2.6(a)
	Estimated Statement	  	Section 2.6(a)
	Estimated Transaction Expenses	  	Section 2.6(a)
	Estimated Closing Working Capital	  	Section 2.6(a)
	Excluded Shares	  	Section 2.2(b)
	Financial Statements	  	Section 3.7(a)
	Fundamental Representations	  	Section 8.3(a)
	Guaranteed Obligations	  	Section 10.14
	Guarantor	  	Introduction
	Indemnification Tax Benefit	  	Section 8.6(b)
	Indemnified Party	  	Section 8.4
	Indemnifying Party	  	Section 8.4
	Initial SAR Payment Amount	  	Section 2.3(b)
	Interim Balance Sheet	  	Section 3.7(a)
	Jointly Privileged Information	  	Section 5.13
	Leased Real Property	  	Section 3.9(b)
	Litigation Conditions	  	Section 8.5(b)
	Material Contracts	  	Section 3.10(a)
	Material Customers	  	Section 3.23
	Material Suppliers	  	Section 3.23
	Medical Plan	  	Section 5.11
	Merger	  	Recitals
	Merger Sub	  	Introduction
	Minor Claim	  	Section 8.3(a)
	Option Cancellation Amount	  	Section 2.3(c)
	Owned Intellectual Property	  	Section 3.14(a)
	Parent	  	Introduction
	Parent Adjustment Amount	  	Section 2.6(d)(ii)
	Parent Indemnitee	  	Section 8.1
	Parent Transaction Documents	  	Section 4.1
	Parties	  	Introduction
	Pre-Closing Period	  	Section 5.2
	Privilege Period	  	Section 5.7(b)(iii)
	Projections	  	Section 4.10
	Real Property Leases	  	Section 3.9(b)
	Securityholder Indemnitee	  	Section 8.2

  
 13 

			
	 Term
	  	 Section

	Securityholders’ Representative	  	Introduction
	Seller Group	  	Section 10.13
	Survival Period	  	Section 8.3(c)
	Surviving Entity	  	Section 2.1(a)
	Tail Policy	  	Section 5.4(c)
	Tax Claim	  	Section 5.7(d)
	Tax Refunds	  	Section 5.7(f)
	Tax Sharing Direction Letter	  	Section 5.7(f)
	Transactions	  	Section 2.1(a)
	Transaction Documents	  	Section 2.1(a)
	Transition Period	  	Section 5.11
	Unaudited Financial Statements	  	Section 3.7(a)
	Updated Schedules	  	Section 5.8
	Written Consent	  	Recitals

 1.3 Other Definitional and Interpretive Matters. 

(a) Except as otherwise provided or unless the context otherwise requires, whenever used in this Agreement, (i) any noun or pronoun shall
be deemed to include the plural and the singular, (ii) the use of masculine pronouns shall include the feminine and neuter, (iii) the terms “include” and “including” shall be deemed to be followed by the phrase
“without limitation,” (iv) the word “or” shall be inclusive and not exclusive, (v) all references to Articles and Sections refer to the Articles and Sections of this Agreement, all references to Schedules refer to the
Schedules attached to or delivered with this Agreement, as appropriate, and all references to Exhibits refer to the Exhibits attached to this Agreement, each of which is made a part of this Agreement for all purposes, (vi) each reference to
“herein” means a reference to “in this Agreement,” (vii) each reference to “$” or “dollars” shall be to United States dollars, (viii) each reference to “days” shall be to calendar
days, (ix) each reference to any contract or agreement shall be to such contract or agreement as amended, supplemented, waived or otherwise modified from time to time prior to the date of this Agreement and (x) accounting terms which are
not otherwise defined in this Agreement shall have the meanings given to them under GAAP; provided, however, that to the extent that a definition of a term set forth in this Agreement is inconsistent with the meaning of such term under
GAAP, the definition set forth in this Agreement will control. Unless otherwise expressly provided herein, the measure of a period of one month or one year for purposes of this Agreement shall be that date of the following month or year
corresponding to the starting date; provided, however, that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one
month following February 18th is March 18th, and one month following March 31 is May 1. 
 (b) Any matter set forth in
any section of the Disclosure Schedule shall be deemed set forth in all other sections of the Disclosure Schedule so long as the relevance of such matter to such other section of the Disclosure Schedule is reasonably apparent on its face. The
inclusion of any information (including dollar amounts) in any section of the Disclosure Schedule shall not be deemed to be an admission or acknowledgment by any party that such 

  
 14 

 
information is required to be listed in such section of the Disclosure Schedule or is material to or outside the ordinary course of the business of the Company, its Subsidiaries or Parent or
Merger Sub, as the case may be. Matters reflected in the Disclosure Schedule are not necessarily limited to matters required by this Agreement to be reflected in the Disclosure Schedule; such additional matters are set forth for informational
purposes only and do not necessarily include other matters of a similar nature. In addition, the Company may include in the Disclosure Schedule disclosure with respect to items that would not have a Material Adverse Effect within the meaning of such
term, and any such inclusion shall not be deemed to be an acknowledgement by the Company that such items, or any of them, would have a Material Adverse Effect or further change, amend or define the meaning of the term “Material Adverse
Effect” for purposes of this Agreement. The information contained in this Agreement, the Exhibits hereto and the Disclosure Schedule is disclosed solely for purposes of this Agreement, and no information contained herein or therein shall be
deemed to be an admission by any party hereto to any third party of any matter whatsoever (including any violation of Law or breach of contract). 

(c) The provisions of this Agreement shall be construed according to their fair meaning and neither for nor against any party hereto
irrespective of which party caused such provisions to be drafted. Each of the parties hereto acknowledges that it has been represented by an attorney in connection with the preparation and execution of the Transaction Documents. 

ARTICLE 2 
 THE MERGER;
MERGER CONSIDERATION 
 2.1 The Merger; Closing. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, at the Effective Time, Merger Sub shall be merged with and into
the Company. Following the Effective Time, the separate corporate existence of Merger Sub shall cease and the Company shall continue as the surviving entity in the Merger (sometimes hereinafter referred to as the “Surviving
Entity”) and shall succeed to and assume all of the rights and obligations of Merger Sub and the Company in accordance with the DGCL. The Merger and the other transactions contemplated by this Agreement are collectively referred to
herein as the “Transactions,” and this Agreement and each other agreement entered into in connection with the Transactions, including the Escrow Agreement, the Non-Solicitation Agreement, the Written Consent and the Letter of
Transmittal are collectively referred to herein as the “Transaction Documents.” 
 (b) The closing for the Merger
(the “Closing”) shall take place at the offices of Arnold & Porter LLP, 555 12th Street, NW, Washington, DC 20004, at 10:00 A.M. (Eastern Time) on the second
Business Day (the “Closing Date”) following the satisfaction or waiver of all conditions of the parties to consummate the Transactions (other than the conditions with respect to actions the respective parties will take at the
Closing itself, but subject to the satisfaction or waiver of such conditions) or at such other place or on such other date or time as is mutually agreed to by Parent and the Company; provided, however, that the Closing will not in any
event occur prior to August 8, 2014 (and the Parties’ current intent is that the Closing will occur on August 8, 2014). 

  
 15 

 (c) On the Closing Date, the Company and Parent shall cause a Certificate of Merger in the form
of Exhibit A attached hereto (the “Certificate of Merger”) to be executed and filed with the Secretary of State of the State of Delaware as provided in Section 251 of the DGCL. The Merger shall become effective at
the time when the Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time as may be agreed by the Parties and specified in the Certificate of Merger (the “Effective
Time”). 
 (d) The certificate of incorporation of the Company shall be amended at the Effective Time to read substantially in
the form of Exhibit B attached hereto and, as so amended, such certificate shall be the certificate of incorporation of the Surviving Entity until thereafter changed or amended as provided therein or by applicable Law. 

(e) The directors of Merger Sub immediately prior to the Effective Time shall be the directors of the Surviving Entity, effective as of the
Effective Time, until the earlier of their resignation or removal or until their respective successors are duly elected and qualified, as the case may be. 

(f) The individuals set forth on Schedule 2.1(f) shall be the officers of the Surviving Entity, effective as of the Effective Time,
until the earlier of their resignation or removal or until their respective successors are duly elected or appointed and qualified, as the case may be. 

(g) The bylaws of Merger Sub immediately prior to the Effective Time shall be the bylaws of the Surviving Entity, effective as of the
Effective Time, until the change or amendment thereof as provided therein or under applicable Law. 
 2.2 Effect on Capital Stock of
Merger Sub and Parent. Subject to the terms and conditions of this Agreement, by virtue of the Merger and without any action on the part of Parent, Merger Sub, the Company, the Securityholders or the holders of equity interests of Merger
Sub: 
 (a) Capital Stock of Merger Sub. At the Effective Time, all of the issued and outstanding capital stock of Merger Sub shall
be converted into and become one hundred percent (100%) of the issued and outstanding capital stock of the Company. 
 (b)
Cancellation of Company Capital Stock. At the Effective Time, each share of Company Capital Stock issued by the Company and outstanding immediately prior to the Effective Time and (i) held in the treasury of the Company or
(ii) owned by a Subsidiary of the Company (the shares referenced in clauses (i) and (ii), collectively, the “Excluded Shares”), shall cease to be outstanding, shall be cancelled and retired without any conversion
thereof and without payment of any consideration therefor and shall cease to exist. 
 (c) Company Capital Stock. Subject to
Section 2.4 and Section 2.5, at the Effective Time, each share of Company Capital Stock issued by the Company and outstanding immediately prior to the Effective Time (other than any Excluded Shares and Dissenting Shares)
shall be converted (with such number of shares of Preferred Stock calculated, for this purpose, by treating the shares of Preferred Stock as having been converted into outstanding shares of Class A Common Stock without the need for actual
conversion (and without having been 

  
 16 

 
actually converted) pursuant to the Charter) into the right to receive cash in an amount equal to (x) (i) the Merger Consideration plus (ii) the Aggregate Option Exercise Amount,
divided by (y) the Fully Diluted Common Shares. 
 (d) No Further Rights. All Company Capital Stock issued by the
Company, when cancelled and/or converted pursuant to this Section 2.2, shall no longer be outstanding and shall automatically be cancelled and retired, and each Securityholder shall cease to have any rights with respect thereto, except
the right to receive the amount of cash consideration with respect to such Company Capital Stock set forth in this Agreement. 
 (e)
Dissenting Shares. The Dissenting Shares shall cease to exist and shall be automatically retired, and each holder of a certificate that, immediately prior to the Effective Time, represented Dissenting Shares shall cease to have any rights
with respect to Company Capital Stock other than as described in Section 2.5. 
 (f) No Further Transfers. At the
Effective Time, the stock transfer books of the Company shall be closed and no transfer of Company Capital Stock shall thereafter be made. 

2.3 Payments and Distributions on the Closing Date. 

(a) Stockholder and Certain Other Payments. At the Closing, Parent shall pay by wire transfer in immediately available funds: 

(i) to each holder of Common Stock, an amount equal to the Estimated Price Per Share multiplied by the number of shares of
Common Stock (other than Dissenting Shares) owned by such holder; 
 (ii) to each holder of Preferred Stock, an amount equal
to the Estimated Price Per Share multiplied by the number of shares of Common Stock (other than Dissenting Shares) into which the shares of Preferred Stock owned by such holder are convertible as of immediately prior to the Effective Time; 

(iii) to PNC Bank, N.A. (the “Escrow Agent”), an amount equal to the Escrow Amount for deposit into an
escrow account (the “Escrow Fund”), to be held for the Survival Period (subject to any then-pending claims made in accordance with this Agreement) and distributed as provided in an escrow agreement substantially in the form
of Exhibit C attached hereto, to be entered into at Closing by Parent, the Escrow Agent and the Securityholders’ Representative (the “Escrow Agreement”); 

(iv) to the Securityholders’ Representative, cash in an amount equal to the Securityholders’ Representative Amount to
be applied in accordance with the terms of this Agreement; 
 (v) the Estimated Transaction Expenses other than the SAR
Payments (which are payable pursuant to Section 2.3(b)), to the extent not paid by the Company and/or its Affiliates prior to the Closing; 

  
 17 

 (vi) on behalf of the Company and its Subsidiaries, to the appropriate Persons in
accordance with the wire instructions set forth on the applicable schedule indicated below and the payoff letter delivered at or prior to Closing, all Indebtedness and other obligations of the Company and its Subsidiaries set forth on Schedule
7.1(d), which shall be delivered to Parent no later than three (3) Business Days prior to the Closing Date (the “Estimated Indebtedness Payment”); and 

(vii) the payments set forth in Sections 2.3(b) and 2.3(c). 

(b) SAR Payments. At Closing, Parent will pay to the Company an amount (the “Initial SAR Payment Amount”) equal
to (x) the aggregate amount of the SAR Payments minus (y) the sum of (A) the SAR Recipients’ Pro Rata Shares of the Securityholders’ Representative Amount plus (B) the SAR Recipients’ Pro Rata Share
of the Escrow Amount, and following such payment, the Company will pay promptly (but in no event later than seven (7) Business Days) by wire transfer or direct deposit to each SAR Recipient his or her respective portion of the Initial SAR
Payment Amount (subject to any applicable employee Taxes and withholdings), and the Company shall remit the portion of the Initial SAR Payment Amount that is withheld for Taxes to the appropriate Governmental Bodies. For the avoidance of doubt, the
SAR Recipients will not be entitled to participate in the distribution (if any) of the “Adjustment Amount” to the Securityholders in accordance with Section 2.6(d). The Company shall terminate the SAR Plan as of the Closing
such that no new award may be made thereunder. 
 (c) Option Cancellation Payments. The Company shall cause each Eligible Option to
be cancelled, as of the Closing, in exchange for the Eligible Optionholder being entitled to receive an amount in cash (subject to any applicable employee Taxes and withholdings) equal to the product of (i) the total number of Option Shares
subject to such cancelled Eligible Option and (ii) the Estimated Price Per Share less the applicable exercise price per share of such Eligible Option (the aggregate of such amounts for all Eligible Options, the “Option Cancellation
Amount”). The Company shall cause each Option that is not an Eligible Option, if any, to be cancelled without consideration as of the Closing, and shall terminate the Option Plan as of the Closing such that no new award may be made
thereunder. At Closing, Parent will pay to the Company an amount equal to the Option Cancellation Amount, and following such payment the Company will pay promptly (but in no event later than seven (7) Business Days) by wire transfer or direct
deposit to each Eligible Optionholder his or her respective portion of the Option Cancellation Amount (subject to any applicable employee Taxes and withholdings), and the Company shall remit the portion of the Option Cancellation Amount that is
withheld for Taxes to the appropriate Governmental Bodies. From and after the Effective Time, no Option shall be exercisable, and each Option shall only entitle the holder thereof to receive the amount of cash consideration with respect to such
Option set forth in this Agreement. 
 2.4 Mechanism of Payment and Delivery of Certificates. 

(a) Upon delivery to Parent of a Certificate, together with a Letter of Transmittal covering such Certificate and duly executed and completed
in accordance with the instructions thereto, the holder of such Certificate shall be entitled to receive at the Closing (or, such Certificate and Letter of Transmittal are delivered after the Closing, no later than three (3) Business Days
after the delivery to Parent of such Certificate and Letter of Transmittal), in 

  
 18 

 
exchange therefor, cash in the amount calculated pursuant to Section 2.3(a)(i) and/or (ii) for the Company Capital Stock evidenced by such Certificate, which amount shall
be paid by wire transfer in accordance with the instructions provided by such holder. No interest or dividends will be paid or accrued on the consideration payable upon the delivery or transfer of any Certificate. If the consideration provided for
herein is to be delivered in the name of a Person other than the Person in whose name the Certificate was delivered, it shall be a condition of such delivery that the Certificate so delivered shall be properly endorsed and otherwise in proper form
for transfer. Until delivered in accordance with the provisions of this Section 2.4(a), each Certificate (other than for Dissenting Shares and Excluded Shares) shall represent, for all purposes, only the right to receive cash in the
amount set forth in this Agreement in respect of the Company Capital Stock formerly evidenced by such Certificate, without any interest thereon. 

(b) In the event any Certificate shall have been lost, stolen or destroyed, upon the making and delivery to Parent of an affidavit of loss and
indemnity (in form and substance reasonably acceptable to Parent) of that fact by the Person (who shall be the record owner of such Certificate) claiming such Certificate to be lost, stolen or destroyed and the making by such Person of a customary
indemnity, Parent shall issue in exchange for such lost, stolen or destroyed Certificate the Securityholder’s amount payable for shares of Company Capital Stock represented by such Certificate pursuant to the terms of this Agreement. 

2.5 Dissenting Shares. 

(a) Notwithstanding any provision of this Agreement to the contrary, shares of Company Capital Stock that are outstanding immediately prior to
the Effective Time and that are held by the holders of Company Capital Stock who shall have not voted in favor of the Merger and who shall have demanded properly in writing appraisal for such shares in accordance with Section 262 of the DGCL
(collectively, the “Dissenting Shares”) shall not be converted into, or represent the right to receive, any portion of the amount payable for shares of Company Capital Stock pursuant to the terms of this Agreement. Such
holders of Company Capital Stock shall be entitled to receive payment of the appraised value of such shares of Company Capital Stock held by them in accordance with the provisions of such Section 262, except that all Dissenting Shares held by
the holders of Company Capital Stock who shall have failed to perfect or who effectively shall have withdrawn or lost their rights to appraisal of such shares under such Section 262 shall thereupon be deemed to have been converted into, and to
have become exchangeable for, as of the Effective Time, the right to receive any portion of the amount payable for shares of Company Capital Stock pursuant to the terms of this Agreement, without any interest thereon, upon surrender, in the manner
provided herein, of the Certificate or Certificates that formerly evidenced such shares, together with such Letter of Transmittal duly executed and completed in accordance with the instructions thereto. 

(b) The Company shall (i) give Parent and the Securityholders’ Representative prompt written notice of any demands for appraisal
received by the Company, withdrawals of such demands, and any other instruments served pursuant to the DGCL and received by the Company, and (ii) at the Closing, deliver to Parent a certificate listing the names and addresses of each holder of
Company Capital Stock who has demanded appraisal rights, and any other instruments served pursuant to the DGCL and received by the Company. Parent shall have the opportunity to direct all negotiations and proceedings with respect to demands for

  
 19 

 
appraisal under the DGCL. Parent may, without the prior written consent of the Securityholders’ Representative, make any payment with respect to any demands for appraisal or offer to settle
or settle any such demands. Prior to the Closing, except with the prior written consent of Parent, the Company will not make any payment with respect to, or settle or offer to settle, any such demands. 

2.6 Post-Closing Adjustments. 

(a) Estimated Statement. No later than three (3) Business Days prior to the Closing Date, the Company shall prepare and deliver to
Parent (i) a statement (the “Estimated Statement”) setting forth in reasonable detail the Company’s good faith estimate of (A) Closing Date Working Capital (such estimate, “Estimated Closing Working
Capital”) and resulting calculation of the Working Capital Initial Adjustment Amount, (B) the Actual Closing Cash (such estimate, “Estimated Closing Cash”), (C) the Indebtedness Amount (such estimate,
the “Estimated Indebtedness Amount”), and (D) the Actual Transaction Expenses (such estimate, “Estimated Transaction Expenses”), which such Estimated Statement shall be prepared on a consolidated
basis in accordance with the Accounting Standards, and (ii) the Company’s estimated calculation of the Merger Consideration as a result of the estimates described in the foregoing clause (i) (such estimate, “Estimated
Merger Consideration”). 
 (b) Draft Computation; Merger Consideration Calculation. As soon as reasonably practicable
following the Closing Date, and in any event within sixty (60) calendar days thereof, Parent shall cause to be prepared and delivered to the Securityholders’ Representative the following (collectively, the “Draft
Computation”): (i) a statement of its calculation of the Working Capital Adjustment Amount, the Actual Closing Cash, the Indebtedness Amount, and the Actual Transaction Expenses and (ii) its calculation of the Merger
Consideration as a result of the calculations described in the foregoing clauses. The Draft Computation shall be prepared on a consolidated basis in accordance with the Accounting Standards. The parties agree that the purposes of preparing the Draft
Computation and determining the related purchase price adjustment contemplated by this Section 2.6 are to measure the amount of Actual Closing Cash, the Indebtedness Amount, the Actual Transaction Expenses and any changes in Net Working
Capital, and such processes are not intended to permit the introduction of (and no party shall be permitted to introduce) different judgments, accounting methods, policies, principles, practices, procedures, classifications or estimation
methodologies than those reflected in the Accounting Standards, but instead to require that each calculation be done in a manner consistent with the Accounting Standards. From and after the Closing Date until the Determination Date (as defined
below), Parent will make available to the Securityholders’ Representative and its auditors, promptly upon the request of the Securityholders’ Representative, during normal business hours and upon reasonable notice, all employees and
advisors relevant to the preparation of the calculations reflected in the Draft Computation and all records and work papers reflected in the Draft Computation. 

(c) Determination Procedures. Within sixty (60) calendar days after its receipt of the Draft Computation, the
Securityholders’ Representative shall provide Parent with a written notice of any disagreement with the Draft Computation setting forth in reasonable detail those items and amounts that the Securityholders’ Representative disputes (the
“Dispute Notice”); provided, however, that any Dispute Notice may only include objections based on the 

  
 20 

 
Securityholders’ Representative’s belief that (x) the Draft Computation included assumptions or applied principles that conflict with the Accounting Standards, this
Section 2.6(c) and/or the applicable definitions in this Agreement or otherwise was not determined in accordance with the Accounting Standards, Section 2.6(c) and/or the applicable definitions in this Agreement and/or
(y) the Draft Computation contained mathematical errors. If the Securityholders’ Representative delivers a Dispute Notice with respect to some, but not all, of the items or amounts included in the Draft Computation within such 60-day
period, then the Securityholders’ Representative shall be deemed to have agreed with Parent’s calculations of all items and amounts set forth in the Draft Computation that were not disputed in such duly and timely delivered Dispute Notice.
If no such Dispute Notice is received by Parent on or prior to the close of business on the last day of such sixty (60) calendar day period, the Draft Computation and the calculation of Working Capital Adjustment Amount, Actual Closing
Cash, the Indebtedness Amount, the Actual Transaction Expenses and the Merger Consideration set forth therein shall be deemed accepted by the Securityholders’ Representative. If any such Dispute Notice is timely provided, Parent and the
Securityholders’ Representative shall use their commercially reasonable efforts for a period of thirty (30) days (or such longer period as they may mutually agree in writing) to resolve any disagreements with respect to the Draft
Computation or the calculation of the Working Capital Adjustment Amount, Actual Closing Cash, the Indebtedness Amount, the Actual Transaction Expenses or the Merger Consideration. If, at the end of such period, they are unable to resolve such
disagreements, then the Independent Accounting Firm shall resolve any remaining disagreements. Parent and the Securityholders’ Representative shall use their commercially reasonable efforts to cause the Independent Accounting Firm to review
those items or amounts remaining in dispute as promptly as practicable, but in any event within thirty (30) days of the date on which such Dispute Notice is referred to the Independent Accounting Firm. The Independent Accounting Firm will
review only those items and amounts specifically set forth and objected to in the Dispute Notice and resolve the dispute with respect to each such specific item and amount in accordance with the Accounting Standards. The scope of the disputes to be
arbitrated by the Independent Accounting Firm is limited to whether the Draft Computation or the calculation of Working Capital Adjustment Amount, Actual Closing Cash, the Indebtedness Amount, the Actual Transaction Expenses and the Merger
Consideration were done in a manner consistent with the Accounting Standards, the principles set forth in this Section 2.6(c) and the applicable definitions in this Agreement, and whether there were mathematical errors in determining the
Working Capital Adjustment Amount, Actual Closing Cash, the Indebtedness Amount, the Actual Transaction Expenses or the Merger Consideration, and the Independent Accounting Firm is not to make any other determination, including any determination as
to whether the Target Working Capital is correct. The fees, costs and expenses of the Independent Accounting Firm shall be allocated to Parent based upon the percentage which the portion of the contested amount not awarded to each party bears to the
amount actually contested by such party, as determined by the Independent Accounting Firm (the “Accounting Firm Allocation”). Solely by way of illustration, if Parent claims before the Independent Accounting Firm that the
determination of Net Working Capital as of the Closing Date is $1,000,000, and the Securityholders’ Representative claims before the Independent Accounting Firm that the determination of Net Working Capital as of the Closing Date is $1,500,000,
and if the Independent Accounting Firm ultimately resolves the dispute by awarding Parent $300,000 of the $500,000 difference, then the costs and expenses of the Independent Accounting Firm will be allocated 60% (i.e., 300,000 ÷
500,000) to the Securityholders’ Representative (on behalf of 

  
 21 

 
the Securityholders) and 40% (i.e., 200,000 ÷ 500,000) to Parent. Parent and the Securityholders’ Representative, on behalf of the Securityholders, will retain the Independent
Accounting Firm and each pay 50% of any retainer. During the engagement, the Independent Accounting Firm will bill 50% of the total charges to Parent and 50% of the total charges to the Securityholders’ Representative (on behalf of the
Securityholders), and Parent and the Securityholders’ Representative shall each timely pay or cause to be paid such amounts. The Accounting Firm Allocation will be settled by Parent and the Securityholders’ Representative in a manner
consistent with such allocation within ten (10) days after the Determination Date. The determination of the Independent Accounting Firm shall be set forth in a written statement delivered to the Securityholders’ Representative and Parent
and shall be final, conclusive and binding on the parties, absent fraud or manifest error. The date on which the Draft Computation and the Working Capital Adjustment Amount, Actual Closing Cash, the Indebtedness Amount, Actual Transaction Expenses
and the Merger Consideration are finally determined in accordance with this Section 2.6(c) or Section 2.6(e) is hereinafter referred to as the “Determination Date.” 

(d) Adjustment Amount. The “Adjustment Amount” means the difference between (i) the Merger Consideration
(taking into consideration the final agreements or determinations as to the Draft Computation, Working Capital Adjustment Amount, Actual Closing Cash, the Indebtedness Amount, and the Actual Transaction Expenses pursuant to this
Section 2.6) and (ii) the Estimated Merger Consideration. 
 (i) If the Merger Consideration as finally
determined under this Section 2.6 exceeds the Estimated Merger Consideration, then promptly, and in any event within five (5) Business Days following the Determination Date, Parent shall pay to the Securityholders’
Representative (or to the Securityholders, as directed by the Securityholders’ Representative), by wire transfer of immediately available funds to an account designated in writing by the Securityholders’ Representative, the amount equal to
the Adjustment Amount (with amounts being distributed to each Securityholder, net of any withholding Taxes, in accordance with instructions from the Securityholders’ Representative). 

(ii) If the Estimated Merger Consideration exceeds the Merger Consideration as finally determined under this
Section 2.6, then promptly, and in any event within five (5) Business Days following the Determination Date, Parent and the Securityholders’ Representative shall cause the Escrow Agent to pay to Parent, by wire transfer of
immediately available funds to an account designated in writing by Parent, from the Escrow Fund an amount equal to the absolute value of the Adjustment Amount (such amount, the “Parent Adjustment Amount”). 

(e) Non-Delivery of Draft Computation. If, for any reason, Parent fails to deliver the Draft Computation within the time period
required by Section 2.6(b), the amounts of the Estimated Working Capital Adjustment Amount, Estimated Indebtedness Amount, Estimated Transaction Expenses, Estimated Closing Cash and Estimated Merger Consideration delivered by the Company
to Parent provided in the Estimated Statement shall be considered for all purposes of this Agreement as being Parent’s “Draft Computation” and the Securityholders’ Representative shall have all of its rights under this
Section 2.6 with respect to such computation (including the rights to seek information relating to and/or to challenge such computation). 

  
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 2.7 Securityholders’ Representative. 

(a) Appointment. The Securityholders’ Representative has been (or will be pursuant to the Letter of Transmittal) appointed,
authorized and empowered to act, on behalf of each of the Securityholders, as his, her or its agent and attorney in fact with full power of substitution to act from and after the date hereof and to do any and all things and execute any and all
documents on behalf of such Securityholder which may be necessary, convenient or appropriate to facilitate the consummation of the Transactions, including but not limited to: (i) execution of the documents and certificates required pursuant to
this Agreement; (ii) receipt of payments under or pursuant to this Agreement and disbursement thereof to the Securityholders and others, in accordance with this Agreement and subject to the terms hereof; (iii) receipt and forwarding of
notices and communications pursuant to this Agreement; (iv) administration of the provisions of this Agreement; (v) giving or agreeing to, on behalf of the Securityholders, any and all consents, waivers, amendments or modifications deemed
by the Securityholders’ Representative, in its sole and absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith;
(vi) amending this Agreement or any of the instruments to be delivered to Parent or Merger Sub pursuant to this Agreement; (vii) taking actions the Securityholders’ Representative is expressly authorized to take pursuant to the other
provisions of this Agreement; (viii) (A) dispute or refrain from disputing any claim made by Parent or any other Parent Indemnitee under this Agreement or other agreements contemplated hereby, (B) negotiate and compromise, on behalf
of the Securityholders, any dispute that may arise under, and exercise or refrain from exercising any remedies available under, this Agreement or any other agreement contemplated hereby, and (C) execute, on behalf of the Securityholders, any
settlement agreement, release or other document with respect to such dispute or remedy; and (ix) engaging attorneys, accountants, agents or consultants on behalf of the Securityholders in connection with this Agreement or any other agreement
contemplated hereby and paying any fees related thereto. 
 (b) Authorization. Notwithstanding Section 2.7(a), in the
event that the Securityholders’ Representative, with the advice of counsel, is of the opinion that it requires further authorization or advice from the Securityholders with respect to any matters concerning this Agreement, the
Securityholders’ Representative shall be entitled to seek such further authorization from, and to confer with, the Securityholders prior to acting on their behalf. The Securityholders’ Representative may obtain such further
authorization (i) at a meeting of the Securityholders, called by the Securityholders’ Representative with at least five days advance notice in writing, at which the holders of a majority of votes referred to in the next sentence are
present and approve such authorization or (ii) in the form of a writing executed by a majority of the number of votes referred to in the next sentence, which writing shall thereafter be sent to each Securityholder that did not execute such
writing promptly after its execution, provided that the failure to send such writing to such Securityholder shall not render invalid or void any such authorization. In such event, each Securityholder shall have a number of votes equal to his,
her or its Pro Rata Share multiplied by 100, and the authorization of a majority of such number of votes shall be binding on the Securityholders and shall constitute the authorization of the Securityholders. 

  
 23 

 (c) Reliance. Parent shall be entitled to deal exclusively with the Securityholders’
Representative on all matters relating to this Agreement, the Escrow Agreement and any agreement with the Securityholders’ Representative deemed, pursuant to Section 2.7(a) to be necessary or appropriate herewith or therewith.
Parent shall be fully protected in dealing with the Securityholders’ Representative under this Agreement and may rely upon the authority of the Securityholders’ Representative to act on behalf of the Securityholders. Any payment by Parent
to the Securityholders’ Representative to the extent authorized under this Agreement shall be considered a payment by Parent to the Securityholders. The appointment of the Securityholders’ Representative is coupled with an interest and
shall not be revocable by any Securityholder in any manner or for any reason. This power of attorney shall not be affected by the death, illness, dissolution, disability, incapacity or other inability to act of the principal pursuant to any
applicable law. 
 (d) Acts of the Securityholders’ Representative. The Securityholders’ Representative may resign from its
capacity as the Securityholders’ Representative at any time by written notice delivered to Parent and each Securityholder. If there is a vacancy at any time in the position of the Securityholders’ Representative for any reason, such
vacancy shall be filled by the Securityholders’ vote in the manner contemplated by Section 2.7(b). 
 (e) No
Liability. The Securityholders’ Representative shall not be liable to Parent or any Securityholder in its capacity as the Securityholders’ Representative for any Liability of any Securityholder or for any error of judgment, or any act
done or step taken or omitted by it that it believed to be in good faith or for any mistake in fact or law, or for anything which it may do or refrain from doing in connection with this Agreement or the Escrow Agreement except in the case of fraud
or willful misconduct by it. The Securityholders’ Representative may seek the advice of reputable legal counsel in the event of any dispute or question as to the construction of any of the provisions of this Agreement or its duties hereunder,
and it shall incur no Liability in its capacity as the Securityholders’ Representative to Parent or any Securityholder and shall be fully protected with respect to any action taken, omitted or suffered by it in good faith in accordance with the
opinion of such counsel. 
 (f) Expenses and Liabilities. Any expenses or liabilities incurred by the Securityholders’
Representative in connection with the performance of its duties under this Agreement or the Escrow Agreement shall not be the personal obligation of the Securityholders’ Representative but shall be payable by the Securityholders based on each
Securityholder’s Pro Rata Share. The Securityholders’ Representative may from time to time submit invoices to the Securityholders covering such expenses and/or liabilities and, upon the request of any Securityholder, the
Securityholders’ Representative shall provide such Securityholder with an accounting of all expenses paid. In addition to any other rights or remedies, the Securityholders’ Representative may, upon notice, offset any amounts determined by
it to be owed to the Securityholders’ Representative against the Securityholders’ Representative Amount and against any amounts to be paid to the Securityholders hereunder. Subject to the limitations set forth in the next succeeding
proviso, upon any distribution to the Securityholders’ Representative of funds from Parent or the Surviving Entity following the Closing (but not at the Closing) pursuant to this Agreement or from the Escrow Fund pursuant to the Escrow
Agreement, the Securityholders’ Representative may (x) set off any expenses or liabilities incurred by the Securityholders’ Representative in its capacity as the Securityholders’ Representative against

  
 24 

 
such funds otherwise distributable to the Securityholders or (y) retain a portion of such funds as additional funds to be used in the same manner as the Securityholders’ Representative
Amount if the Securityholders’ Representative believes in good faith that such retention of funds may be necessary to satisfy the expenses or liabilities of the Securityholders’ Representative under this Agreement or the Escrow Agreement;
provided that the Securityholders’ Representative may not retain funds from any such distribution to the extent that the amount retained from such distribution plus any remaining and unused portion of the Securityholders’
Representative Amount would exceed the original amount of the Securityholders’ Representative Amount; and provided further that, in the case of the foregoing clauses (x) and (y), any amount set off or retained in accordance
with such clauses shall be set off against and/or retained from such funds otherwise distributable to the Securityholders on a pro rata basis in accordance with their respective Pro Rata Shares. 

(g) Indemnification of the Securityholders’ Representative. The Securityholders shall severally, but not jointly, indemnify and
hold harmless, pro rata based on the Pro Rata Shares, the Securityholders’ Representative from any and all losses, liabilities and expenses (including the reasonable fees and expenses of counsel) arising out of or in connection with the
Securityholders’ Representative’s execution and performance (solely in its capacity as the Securityholders’ Representative and not in its capacity as a Securityholder) of this Agreement, except for fraud or willful misconduct by the
Securityholders’ Representative. 
 (h) Distribution of the Securityholders’ Representative Amount. Except as otherwise
agreed between the Securityholders’ Representative and the Securityholders, the Securityholders’ Representative shall distribute any portion of the Securityholders’ Representative Amount and any other amounts retained by the
Securityholders’ Representative in accordance with Section 2.7(f) that has not been utilized by it to satisfy its liabilities or expenses as the Securityholders’ Representative or other obligations of the Securityholders
hereunder to Securityholders pro rata based upon their respective Pro Rata Shares (net of any amounts owed by the Securityholders to the Securityholders’ Representative and net of any applicable withholding taxes) at such time or times as the
Securityholders’ Representative may determine in its discretion following the later to occur of (x) the end of the Survival Period and (y) the final resolution of all claims against the Securityholders under this Agreement that arise
prior to the end of the Survival Period; provided that in no event shall any distribution be made to any Optionholder with respect to his or her Eligible Option or any SAR Recipient with respect to his or her SAR Payment after the fifth
anniversary of the Closing Date. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES WITH RESPECT 

TO THE COMPANY AND ITS SUBSIDIARIES 

Except as otherwise set forth in the Disclosure Schedule, the Company hereby represents and warrants to Parent and Merger Sub as of the date
hereof and as of the Closing Date: 
 3.1 Organization and Good Standing. The Company and each of its Subsidiaries is duly
organized, validly existing and in good standing under the Laws of its jurisdiction of incorporation, formation or organization, as applicable, and has all necessary corporate, limited liability company or other power and authority, as the case may
be, to carry on its business as 

  
 25 

 
presently conducted, and to own and lease the assets and properties which it owns and leases. The Company and each of its Subsidiaries is duly qualified to do business as a foreign entity and is
in good standing (if applicable) in each jurisdiction in which its ownership or leasing of assets or properties or the nature of its activities requires such qualification, except where the failure to be so qualified would not reasonably be expected
to be materially adverse to the Company and its Subsidiaries, taken as a whole. The Company and each of its Subsidiaries has made available to Parent true and correct copies of the certificate of incorporation and bylaws (or other applicable
organizational documents) of the Company and each of its Subsidiaries, as currently in effect. 
 3.2 Power and Authorization;
Enforceability. 
 (a) Subject to receipt of the Written Consent, the Company has all requisite right, power, and authority to
execute and deliver this Agreement and the other Transaction Documents to which it is, or is specified to be, a party (collectively, the “Company Transaction Documents”), to perform its obligations hereunder and thereunder,
and to consummate the Transactions and the transactions contemplated by the other Transaction Documents. All necessary corporate action has been taken by the Company to authorize the execution, delivery and performance by the Company of this
Agreement and each other Company Transaction Document and, other than the Company Required Vote, no other act or proceeding on the part of the Company or its stockholders is necessary to authorize the execution, delivery or performance by the
Company of this Agreement or any other Company Transaction Document or the consummation of the Merger. The Company has duly executed and delivered this Agreement and, at or prior to the Closing, assuming receipt of the Required Company Vote, will
have duly executed and delivered each other Company Transaction Document. 
 (b) This Agreement is, and each other Company Transaction
Document, when duly executed and delivered at Closing by the Company, will be, the legal, valid and binding obligation of the Company, enforceable against it in accordance with its respective terms, except as enforceability of such obligations may
be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to or limiting creditors’ rights generally and general principles of equity relating to the availability of specific
performance and injunctive and other forms of equitable relief. 
 (c) On or prior to the date hereof, the Board of Directors of the Company
has, at a meeting duly called and held in which all directors were present, unanimously determined that this Agreement and the transactions provided for herein, including the Merger, are fair to and in the best interest of the Company and its
stockholders, and adopted resolutions by a unanimous vote (i) approving this Agreement and (ii) declaring this Agreement and the Merger are advisable and directed that this Agreement be submitted to the stockholders of the Company for
their adoption, which resolutions have not been subsequently withdrawn or modified. 
 3.3 No Conflicts. 

(a) Provided that the Consents set forth in Section 3.3(b) of the Disclosure Schedule are obtained (or made, in the case of any notice)
prior to the Closing Date, and assuming execution and delivery of the Written Consent sufficient to obtain the Company 

  
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Required Vote, neither the execution, delivery and performance of this Agreement and the other Company Transaction Documents nor the consummation of the Transactions or the transactions
contemplated by the other Transaction Documents (in each case with or without the passage of time or the giving of notice, or both): (i) contravene, conflict with or result in a violation or breach of the organizational documents of the Company
or any of its Subsidiaries; (ii) require any Consent from (or to, in the case of any notice) any Person under any of the terms or conditions of any Material Contract, or result in any termination rights, loss of benefits under or any obligation
to make any payment under any Material Contract; (iii) result in the creation or imposition of any Encumbrance upon any of the assets of the Company or any of its Subsidiaries, other than Permitted Encumbrances; (iv) cause a loss or
impairment of any material Governmental Authorization held by the Company or any of its Subsidiaries or by which any of their respective properties or assets are bound; or (v) violate any Law or Judgment. 

(b) Section 3.3(b) of the Disclosure Schedule contains a complete and accurate list of each Consent of or with any Governmental Body or
other Person in connection with the execution, delivery and performance of this Agreement and the other Company Transaction Documents by the Company or any of its Subsidiaries or consummation of the Transactions. 

3.4 Capitalization; Indebtedness. 

(a) The authorized, issued and outstanding shares of Company Capital Stock issued by the Company are fully and accurately set forth in
Section 3.4(a) of the Disclosure Schedule, including the name and number of shares of Company Capital Stock held by each stockholder of the Company. The Company has not granted any preemptive rights, rights of first refusal or other similar
rights with respect to any of such Company Capital Stock and there are no offers, options, warrants, rights, agreements or commitments of any kind granted by the Company relating to the issuance, conversion, registration, voting, sale or transfer of
shares of Company Capital Stock issued by the Company or obligating the Company to purchase or redeem any of such shares of Company Capital Stock. The Company Capital Stock set forth in Section 3.4(a) of the Disclosure Schedule constitute all
of the outstanding equity interests issued by the Company, and such shares of Company Capital Stocks have been duly authorized and are validly issued and outstanding, fully paid and nonassessable. 

(b) The authorized, issued and outstanding equity interests of each of the Company’s Subsidiaries and the name of each record holder of
such equity interests are fully and accurately set forth in Section 3.4(b) of the Disclosure Schedule. Neither the Company nor any of its Subsidiaries has granted any preemptive rights, rights of first refusal or other similar rights with
respect to any of such equity interests of any Subsidiary of the Company and there are no offers, options, warrants, rights, agreements or commitments of any kind granted by any Subsidiary of the Company relating to the issuance, conversion,
registration, voting, sale or transfer of equity interests of such Subsidiary or obligating the Company or any of its Subsidiaries to purchase or redeem any of such equity interests. All of the issued and outstanding equity interests of the
Company’s Subsidiaries have been duly authorized and are validly issued and outstanding, fully paid and nonassessable. 

  
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 (c) Section 3.4(c) of the Disclosure Schedule sets forth a true and correct list, as of the
date hereof, of all Options, including holder, exercise price, expiration date, vesting date, number of underlying shares and whether such Option is intended to qualify as an “incentive stock option” within the meaning of Section 422
of the Code. Each Option was granted with an exercise price per share at least equal to the fair market value of a share of Class B Common Stock on the date of grant of such Option. 

(d) Section 3.4(d) of the Disclosure Schedule sets forth a list of all outstanding Indebtedness of the Company and its Subsidiaries. 

3.5 Compliance with Laws. The Company and each of its Subsidiaries is in compliance in all material respects with all applicable
Laws. Neither the Company nor any of its Subsidiaries has received any written notice from any Governmental Body of any violation of or failure to comply with any applicable Laws in any material respect which is pending or remains unresolved.
Notwithstanding anything contained in this Section 3.5, no representation or warranty shall be deemed to be made in this Section 3.5 in respect of any intellectual property matters (which are addressed exclusively in
Section 3.14), employee benefits matters (which are addressed exclusively in Section 3.16), environmental matters (which are addressed exclusively in Sections 3.6 and 3.17), matters related to the
regulation of the business by the FDA (which are addressed exclusively in Section 3.18) or tax matters (which are addressed exclusively in Section 3.19). 

3.6 Litigation. Section 3.6 of the Disclosure Schedule sets forth a true and complete list, as of the date of this
Agreement, and for three (3) years prior thereto, of each material Proceeding pending, resolved, threatened in writing or, to the Knowledge of the Company, otherwise threatened against the Company, any of its Subsidiaries, their businesses or
assets. To the Knowledge of the Company, there are no pending investigations by any Governmental Body with respect to the Company or any of its Subsidiaries. There are not any pending or unsatisfied material Judgments against the Company or any of
its Subsidiaries or any of their respective businesses, properties or assets. There is no Proceeding pending or, to the Knowledge of the Company, threatened against the Company seeking to prevent or delay the consummation of the transactions
contemplated by this Agreement and the other Transaction Documents. 
 3.7 Financial Statements. 

(a) Section 3.7(a) of the Disclosure Schedule includes: (i) the audited consolidated balance sheets of the Company and its
Subsidiaries as of December 31, 2012 and December 31, 2013 (including the notes thereto, if any), and the related audited consolidated statements of income, equityholders’ capital and cash flows for the fiscal years then ended,
together with the report thereon of Ernst & Young Global Limited (the “Audited Financial Statements”); and (ii) a consolidated unaudited balance sheet of the Company and its Subsidiaries as of June 30, 2014
(the “Interim Balance Sheet”) and the related consolidated unaudited statements of income, equityholders’ capital and cash flows for the six-month period then ended (the “Unaudited Financial
Statements” and, together with the Audited Financial Statements, the “Financial Statements”). The Financial Statements (including the notes thereto, if any) fairly present in all material respects the
consolidated financial condition, cash flows and results of operations of the Company and its Subsidiaries as at the date thereof and for the period 

  
 28 

 
therein indicated, and the Financial Statements have been prepared in accordance with GAAP consistently applied by the Company without modification of the accounting principles used in the
preparation thereof throughout the periods presented, subject in the case of Unaudited Financial Statements to the absence of footnotes and changes resulting from year-end adjustments. 

(b) Neither the Company nor any of its Subsidiaries has any Liabilities that would be required to be reflected on a balance sheet prepared in
accordance with GAAP, other than Liabilities (i) reflected or reserved against in the Financial Statements (including all notes thereto), (ii) Liabilities or obligations incurred in the ordinary course of business consistent with past
practice since the date of the Interim Balance Sheet, (iii) Liabilities incurred in connection with the Transactions and (iv) Liabilities set forth on Schedule 3.7(b). 

3.8 Absence of Certain Changes and Events. Since December 31, 2013, the Company and its Subsidiaries have conducted their
business in the ordinary course of business consistent with past practice and there has not occurred any change, event or condition that, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect.
Except as contemplated by this Agreement, the Company and each of its Subsidiaries have complied in all material respects with the covenants and restrictions set forth in Sections 5.2(a)-5.2(d), 5.2(f)-(h), and
5.2(k)-(m) (and (n) to the extent applicable to the foregoing) to the same extent as if this Agreement had been executed on, and had been in effect since, December 31, 2013. 

3.9 Owned and Leased Real Property. 

(a) Neither the Company nor any of its Subsidiaries own any Real Property. 

(b) Section 3.9(b) of the Disclosure Schedule lists all Real Property that is leased, licensed or otherwise used or occupied (but not
owned) by the Company or any of its Subsidiaries (the “Leased Real Property”), identifying the entity that leases such Leased Real Property and whether such entity subleases to any third parties the use of any portion of such
Leased Real Property. Except as set forth on Section 3.9(b) of the Disclosure Schedule, the entity identified as having an interest in the Leased Real Property listed on Section 3.9(b) of the Disclosure Schedule has a valid and subsisting
leasehold interest in such Leased Real Property free and clear of any Encumbrances other than Permitted Encumbrances. A true and correct copy of each lease, license or occupancy agreement, and all amendments thereto, with respect to the Leased Real
Property (collectively, the “Real Property Leases”) has been delivered to Parent in the Data Room, and no changes have been made to any Real Property Leases since the date of such delivery. All of the Leased Real Property is
used or occupied by the Company or the Subsidiary identified in Section 3.9(b) of the Disclosure Schedule pursuant to a Real Property Lease. With respect to each Real Property Lease: (i) all rents, deposits and additional rents due
pursuant to such Real Property Lease have been paid in full and no security deposit or portion thereof has been applied in respect of a breach or default under such Real Property Lease that has not been redeposited in full and (ii) the
operation of the business of the Company and any Subsidiary as it is currently conducted at such location does not violate such Real Property Lease. The Leased Real Property is (i) in good condition and repair (subject to normal wear and tear)
and (ii) sufficient for the operation of the business of the Company and its Subsidiaries as it 

  
 29 

 
is currently conducted. Neither the Company nor any Subsidiary has subleased, licensed or otherwise granted any Person the right to use or occupy any of the Leased Real Property. Neither the
Company nor any Subsidiary has received any notice of any pending condemnation, expropriation, eminent domain or similar proceeding affecting all or any portion of the Real Property, and to the Knowledge of the Company and the Subsidiaries, no such
proceeding is threatened or contemplated. 
 3.10 Material Contracts. 

(a) Section 3.10(a) of the Disclosure Schedule lists, by reference to the applicable subsection of this Section 3.10(a), the
following Contracts to which the Company or one of its Subsidiaries is a party or pursuant to which any of its respective material properties or assets is bound (collectively, the “Material Contracts”): 

(i) any Contract for the incurrence of Indebtedness for borrowed money by the Company or one of its Subsidiaries or any
Contract under which the Company or one of its Subsidiaries guaranteed the Indebtedness for borrowed money of any other Person or any Contract relating to the issuance of letters of credit by or on behalf of the Company or any of its Subsidiaries;

 (ii) any Contract providing for the sale, assignment, lease, license or other disposition of any asset of the Company or
any of its Subsidiaries with a value in excess of $500,000 per annum, except for sales of inventory, sales of obsolete assets or sales of assets in the ordinary course of business; 

(iii) (A) any partnership, limited liability company or joint venture agreement in which the Company or any of its
Subsidiaries participates as a partner, member or joint venturer; and (B) Contracts relating to the acquisition (by merger, purchase of stock or assets or otherwise) by the Company or any of its Subsidiaries, during the past three
(3) years, of any operating business or material assets or the capital stock of any other Person; 
 (iv) any Contract
to license in Intellectual Property, other than licenses to off-the-shelf software; 
 (v) (A) any leases, licenses or other
occupancy agreements for the Leased Real Property; and (B) any Contract pursuant to which the Company or any of its Subsidiaries is a lessor of or permits any third party to hold or operate any property, personal or real, or is a lessee of, or
holds or operates any personal property owned by another Person for which the annual rental exceeds $500,000; 
 (vi) any
sales agency, sales representation, distributorship, broker or franchise Contract that is (A) not terminable without penalty on 90 days’ notice or less; and (B) requires payment by the Company or any of its Subsidiaries in excess of
$500,000 per annum; 
 (vii) any Contract with the Offshore Group or any of its Affiliates; 

  
 30 

 (viii) any Contract that requires payment by the Company or any of its
Subsidiaries in excess of $500,000 per annum, or provides for the Company or one of its Subsidiaries to receive any payments in excess of, or any property with a fair market value in excess of, $500,000 per annum; 

(ix) any Contract containing covenants of the Company or any of its Subsidiaries not to compete in any line of business or with
any Person in any geographical area or not to solicit or hire any person with respect to employment; 
 (x) any written
Contract wherein the Company or any of its Subsidiaries has agreed to indemnify, reimburse, hold harmless, guarantee or otherwise assume or incur any Liability of any Person other than the Company or its Subsidiaries, other than any of the foregoing
that are contained in commercial Contracts entered into in the ordinary course of business consistent with the past practice of the Company or any of its Subsidiaries; 

(xi) (A) employment, consulting and non-competition Contracts with any employee, officer or consultant whose base annual
compensation is equal to or greater than $100,000; and (B) collective bargaining agreements or Contracts with any labor union or association representing any employee of the Company or any of its Subsidiaries; and 

(xii) (xii) any Contract containing “most favored nation” pricing terms or contractual warranties (other than
customary warranties consistent with those provided in the ordinary course of business). 
 (b) Each Material Contract is in full force and
effect and is valid, binding and enforceable against the Company or one of its Subsidiaries party thereto, and, to the Knowledge of the Company, each other party thereto, except in each case as enforceability of such agreements may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to or limiting creditors’ rights generally and general principles of equity relating to the availability of specific performance and
injunctive and other forms of equitable relief. Neither the Company nor any of its Subsidiaries has received written notice that it is in violation in any respect of any of the terms or conditions of any Material Contract and no party has given
written notice of any significant dispute with respect to any Material Contract. The Company has not received written notice that any party intends to terminate or amend any Material Contract. A true and complete copy of each Material Contract has
been made available to Parent. 
 3.11 Insurance. Section 3.11 of the Disclosure Schedule contains a true
and complete list of each material insurance policy owned by, or maintained for the benefit of, the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries is in material default under any such insurance policy. All such
insurance policies are in full force and effect. All premiums due have been paid on such insurance policies, and neither the Company nor any of its Subsidiaries has received any written notice of cancellation of any such insurance policy or written
notice with respect to any refusal of coverage thereunder. 

  
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 3.12 Permits. Section 3.12 of the Disclosure Schedule contains a
complete and correct list of all material Governmental Authorizations required for the operation of the business of the Company and each of its Subsidiaries as currently conducted; provided, however, that for purposes of this
Section 3.12, “material Governmental Authorizations” will be deemed to include all Governmental Authorizations issued by the FDA, EMA or any similar Governmental Body. Each such Governmental Authorization is in full force and
effect without any default or violation thereunder in any material respect by the Company or any of its Subsidiaries. In the three years prior to the date hereof, neither the Company nor any of its Subsidiaries have been notified in writing that any
such Governmental Authorization may not be renewed in the ordinary course upon its expiration or that, by virtue of the Transactions, any such Governmental Authorization would not reasonably be expected to be renewed. There are no Proceedings
pending or, to the Knowledge of the Company, threatened, relating to the suspension, revocation or modification of any such Governmental Authorization. 

3.13 Personal Property. 

(a) The Company or its Subsidiaries has good and marketable title to, or a valid leasehold interest in, or valid rights under a Contract to
use, all tangible personal property and assets used or held for use in the conduct of the Company’s and its Subsidiaries’ business, free and clear of all Encumbrances (except Permitted Encumbrances) and such properties and assets have been
maintained in accordance with the ordinary course of business consistent with past practice. Nothing in this Section 3.13 shall apply to intellectual property matters, which matters are addressed in Section 3.14 below. 

(b) The tangible properties and assets owned, leased or licensed by the Company and its Subsidiaries are in working order (subject to normal
wear and tear) and constitute all of the tangible properties and assets necessary to conduct their business as currently conducted. 
 3.14
Intellectual Property. 
 (a) Section 3.14(a) of the Disclosure Schedule contains a complete and correct list (setting
forth the owner, countries, registration and application numbers and dates, as applicable, and in the case of unregistered Trademarks, country of use and date of first use) of all issued patents, patent applications, registered trademarks and
service marks, applications for trademark and service mark registration, material unregistered trademarks and service marks, registered copyrights, applications for copyright registration, and domain name registrations that are solely owned by the
Company or its Subsidiaries (the “Owned Intellectual Property”). Unless specifically provided in Section 3.14(a) of the Disclosure Schedule, all Owned Intellectual Property is valid and in force, and all fees associated
with maintaining any Owned Intellectual Property required to have been set forth in Section 3.14(a) of the Disclosure Schedule have been paid in full in a timely manner to the proper Governmental Body. 

(b) To the Knowledge of the Company, the Owned Intellectual Property is not being infringed by any third party. Neither the Company nor any of
its Subsidiaries has granted or assigned to any Person any license or other right to use any Owned Intellectual Property, nor has the Company or any of its Subsidiaries otherwise agreed not to assert any such Owned Intellectual Property against any
Person. 

  
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 (c) The Company and its Subsidiaries solely own or have valid licenses to use, free and clear of
Encumbrances (except Permitted Encumbrances), all Intellectual Property used by them or necessary for the operation of their respective businesses as currently conducted. Neither the Company nor any of its Subsidiaries is in default (or with the
giving of notice or lapse of time or both, would be in default) under any license it has to use Intellectual Property. 
 (d) To the
Knowledge of the Company, the operation of the business of the Company and its Subsidiaries as currently conducted has not and does not infringe, misappropriate or violate any third-party rights in Intellectual Property. There is no pending
Proceeding that challenges the Company’s or any of its Subsidiaries’ rights in, validity or scope of the Owned Intellectual Property, and neither the Company nor any of its Subsidiaries have received any written notice or written threat
that the operation of their businesses does or may infringe or violate the rights of any Intellectual Property owned by a third party. 

(e) The Company and its Subsidiaries have taken commercially reasonable steps to maintain the confidentiality of and otherwise protect and
enforce their respective rights in all Owned Intellectual Property. The Company and its Subsidiaries have entered into confidentiality and non-disclosure agreements with all of their respective past and present directors, managers, officers,
employees, consultants, contractors and agents and any other Person with access to the Owned Intellectual Property, or trade secrets, to protect the confidentiality and value of such Owned Intellectual Property, or trade secrets, and, to the
Knowledge of the Company, there has not been any material breach by any of the foregoing of any such agreement. 
 (f) All Information
Systems used by the Company and its Subsidiaries are sufficient for the conduct of their businesses as currently conducted. The Company and its Subsidiaries use commercially reasonable means to protect the security and integrity of all Information
Systems used by the Company and its Subsidiaries. 
 (g) As of the Closing, the Surviving Entity will own, be licensed or otherwise have the
valid right to exploit all Intellectual Property used by, or in the possession of, the Company and its Subsidiaries immediately prior to the Closing upon the same terms and subject to the same conditions as exploited by the Company and its
Subsidiaries as of immediately prior to the Closing. The Owned Intellectual Property, together with the Intellectual Property that is licensed to the Company or any of its Subsidiaries, constitutes all of the Intellectual Property necessary to
operate the Company’s and its Subsidiaries’ businesses as currently conducted. 
 3.15 Labor Matters. There
are no collective bargaining or other labor union agreements currently in existence or being negotiated by the Company or any of its Subsidiaries to which the Company or any of its Subsidiaries is a party or by which any of them is bound. Neither
the Company nor any of its Subsidiaries has in the three (3) years prior to the date hereof encountered any labor union organizing activity or had any employee strikes or lockouts. There is no labor strike, dispute, work stoppage or slowdowns
due to labor disagreements pending or, to the Knowledge of the Company, threatened against the Company or its Subsidiaries. In the 

  
 33 

 
three years prior to the date hereof, neither the Company nor any of its Subsidiaries has effectuated (i) a “plant closing” as defined in the WARN Act affecting any site of
employment or one or more facilities or operating units within any site of employment or facility of the Company or its Subsidiaries or (ii) a “mass layoff” as defined in the WARN Act affecting any site of employment or facility of
the Company or its Subsidiaries. 
 3.16 Employee Benefits. 

(a) Section 3.16(a) of the Disclosure Schedule contains a list of all material Employee Benefit Plans. Each Employee Benefit Plan has
been maintained and administered in all material respects in compliance with its terms and any related documents or agreements and in all material respects in compliance with all applicable Laws (including all Laws governing the qualified status of
any Employee Benefit Plan intended to be qualified under Section 401(a) of the Code). There have been no prohibited transactions or breaches of any of the duties imposed on “fiduciaries” (within the meaning of Section 3(21) of
ERISA) by ERISA with respect to the Employee Benefit Plans that would result in any material liability or excise tax under ERISA or the Code being imposed on the Company or any of its Subsidiaries. No Employee Benefit Plan is maintained outside of
the United States. 
 (b) The Company has made available to Parent true, complete and correct copies of (i) the document, if any,
constituting such Employee Benefit Plan and any other operative plan document for the three (3) year period prior to the date hereof, or, in the case of any material unwritten Employee Benefit Plan, a written description thereof, (ii) the
three most recent annual reports on Form 5500 filed with the Internal Revenue Service (if any such report was required) and the three most recent summary annual reports with respect to each Employee Benefit Plan (if any such summary annual report
was required), (iii) all currently applicable summary plan descriptions and summaries of material modification for each Employee Benefit Plan for which such summary plan descriptions and summaries of material modification are required by Law,
(iv) all current trust agreements, insurance contracts and other documents relating to the funding or payment of benefits under any Employee Benefit Plan, (v) all current determination or opinion letters from the IRS with respect to any of
the Employee Benefit Plans, and (vi) material correspondence between the Company, its Subsidiary, or their representatives and any Governmental Body relating to any Employee Benefit Plan during the three-year period ending on the date hereof.

 (c) None of the Company, its Subsidiaries and the members of the Controlled Group currently has, and at no time in the past has had, an
obligation to contribute to a “multiemployer plan” within the meaning of Section 3(37) of ERISA or Section 414(f) of the Code, a “multiple employer plan” within the meaning of Section 210(a) of ERISA or
Section 413(c) of the Code, a “defined benefit plan” within the meaning of Section 3(35) of ERISA or a pension plan subject to the funding standards of Section 302 of ERISA or Section 412 of the Code, in each case, that
will result in any liability to Parent, the Company or any of its Subsidiaries. 
 (d) With respect to any Employee Benefit Plan that is an
employee welfare benefit plan, no such Employee Benefit Plan is funded through a “welfare benefit fund” (as such term is defined in Section 419(e) of the Code), and except as set forth on Section 3.16(d) of the

  
 34 

 
Disclosure Schedules, no benefits under any Employee Benefit Plan are or at any time have been provided through a voluntary employees’ beneficiary association (within the meaning of
Section 501(c)(9) of the Code) or a supplemental unemployment benefit plan (within the meaning of Section 501(c)(17) of the Code). With respect to each “group health plan” benefiting any current or former employee of the Company,
any of its Subsidiaries or any member of the Controlled Group that is subject to Section 4980B of the Code, there has been no breach by the Company, its Subsidiaries or any member of the Controlled Group with the applicable requirements of
Section 4980B(f) of the Code and Part 6 of Subtitle B of Title I of ERISA that will result in any liability to Parent, the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries provides or has any obligation to
provide post-employment medical, dental, vision or life benefits except as required under Section 4980B of the Code or similar state Law. 

(e) The execution and delivery by the Company of this Agreement does not, the execution and delivery of any other Transaction Documents to
which the Company is a party will not, and the consummation of the Transactions and compliance with the terms hereof and thereof will not either alone or in conjunction with any other event (other than any event that independently triggers the
results in the following clauses (i) - (ii) of this Section 3.16(e)), (i) entitle any current or former employee, officer, manager, director or consultant of the Company or its Subsidiaries to severance pay or
(ii) accelerate the time of payment or vesting or trigger any payment or funding (through a grantor trust or otherwise) of compensation or benefits under, increase the amount payable or trigger any other material obligation pursuant to, any
Employee Benefit Plan or any severance or termination agreements or arrangements between the Company or any of its Subsidiaries and any current executive officer, manager, director or consultant of the Company or any of its Subsidiaries. 

(f) All material contributions, premiums, transfers or payments under or with respect to each Employee Benefit Plan which are due on or before
the Closing Date have been paid. 
 (g) Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has
obtained a currently effective favorable determination, advisory and/or opinion letter, as applicable, as to its qualified status (or the qualified status of the master or prototype form on which the Employee Benefit Plan is established) from the
IRS covering the amendments to the Code effected by the Tax Reform Act of 1986 and all subsequent legislation for which the IRS will currently issue such a letter, and no amendment to such Employee Benefit Plan has been adopted and no event has
occurred since the date of such letter covering such Employee Benefit Plan that could reasonably be expected to adversely affect such favorable determination. 

(h) There is no pending or, to the Knowledge of the Company, threatened assessment, complaint, proceeding or investigation of any kind in any
court or government agency with respect to any Employee Benefit Plan (other than routine claims for benefits). 
 (i) Neither the Company
nor any of its Subsidiaries has made any binding agreement or commitment to institute any plan, program, arrangement or agreement for the benefit of employees or former employees of the Company or any of its Subsidiaries other than the Employee
Benefit Plans, or to make any amendments to any of the Employee Benefit Plans. 

  
 35 

 (j) The Company and its Subsidiaries have reserved all rights necessary to amend or terminate
each of the Employee Benefit Plans without the consent of any other person. 
 (k) No Employee Benefit Plan provides benefits to any
individual who is not a current or former employee of the Company or any of its Subsidiaries, or a dependent or other beneficiary of any such current or former employee. 

(l) Except as set forth on Section 3.16(l) of the Disclosure Schedules, no amount that could be received (whether in cash or property or
the vesting of property) as a result of the consummation of the Transactions (or the transactions contemplated by the other Transaction Documents) by any employee, officer or director of the Company or any of its affiliates who is a
“disqualified individual” (as such term is defined in Treasury Regulation Section 1.280G-1) under any employment, severance or termination agreement, other compensation arrangement or Employee Benefit Plan currently in effect could be
characterized as an “excess parachute payment” (as such term is defined in Section 280G(b)(1) of the Code). 
 (m) With
respect to any Employee Benefit Plan or other payment or arrangement for which the Company or any of its Subsidiaries has liability that is subject to Section 409A of the Code, (i) the written terms thereof have at all times since
January 1, 2009 been in compliance in all material respects with Section 409A of the Code and (ii) it has, at all times while subject to Section 409A of the Code, been operated in compliance in all material respects with
Section 409A of the Code. No Person has a right to any gross up, reimbursement or indemnification from the Company or any of its Subsidiaries with respect to taxes incurred under Section 409A of the Code. 

3.17 Environmental Matters. The representations and warranties contained in this Section 3.17 and
Section 3.6 are the sole and exclusive representations and warranties of the Company pertaining or relating to any environmental, health or safety matters, including any matters arising under any Environmental Laws. Except as set forth
in Section 3.6 or Section 3.17 of the Disclosure Schedule: 
 (a) the Company and each of its Subsidiaries are, and have been for
the past five (5) years, in compliance in all material respects with all applicable Environmental Laws, which compliance includes obtaining and complying with all Governmental Authorizations required under all applicable Environmental Laws
(“Environmental Permits”) necessary to operate the Company’s and it Subsidiaries’ business; 
 (b) in the
past five (5) years, neither the Company nor any of its Subsidiaries has received any written claim or, to the Knowledge of the Company, any oral claim alleging that the Company or any of its Subsidiaries is in violation of any Environmental
Law or any Environmental Permit or subject to liability for fines, penalties, damages or investigation, cleanup, remedial, response or other obligations pursuant to applicable Environmental Laws, in each case with respect to the operations,
properties or facilities of the Company and its Subsidiaries, or any formerly owned, leased or operated real property or any off-site treatment, storage, disposal or recycling location; 

  
 36 

 (c) there has been no Release of any Hazardous Material at the Leased Real Property or any
property formerly owned, leased or operated by the Company or any of its Subsidiaries in violation of Environmental Law or any contractual obligation owed to a third party (including any applicable lease agreements); 

(d) neither the Company nor any of its Subsidiaries has assumed, undertaken or, to the Knowledge of the Company, otherwise become subject to
any material liability of any other Person relating to or arising from any Environmental Law; and 
 (e) Copies of all material documents,
records and information in the Company’s or its Subsidiaries’ possession or control concerning noncompliance with or potential liability under Environmental Laws, including previously conducted environmental compliance audits,
environmental site assessments, asbestos surveys and material documents regarding any Release at, upon or from the Leased Real Property or any property formerly owned, leased or operated by the Company, any of its Subsidiaries or any of their
predecessors, have been made available to Parent. 
 3.18 FDA Matters and Other Regulatory Matters. The representations and
warranties contained in this Section 3.18 and Sections 3.6 and 3.12 are the sole and exclusive representations and warranties of the Company pertaining or relating to any regulatory matters overseen by the FDA and, as
relevant, the EMA. Except as set forth in Section 3.6 or Section 3.18 of the Disclosure Schedule, and except in each case as would not be material to the Company and its Subsidiaries: 

(a) the Company and its Subsidiaries are in compliance in all material respects with the FDCA, all applicable FDA Laws and regulations and
foreign equivalents, which includes obtaining and complying with all Governmental Authorizations, including those of the FDA and EMA, required under applicable FDA and EMA Laws and regulations necessary to operate the Company’s and its
Subsidiaries’ business; 
 (b) in the past three (3) years, neither the Company nor any of its Subsidiaries has received any
written notice or any written claim alleging that the Company or any of its Subsidiaries is in violation of the FDCA or similar Law, from FDA or EMA; and 

(c) to the Knowledge of the Company, neither the FDA or EMA has notified the Company that it is considering any action against the Company or
any of its Subsidiaries that would reasonably be expected to result in material liability to the Company or its Subsidiaries. 
 3.19
Tax Matters. 
 (a) Each of the Company and its Subsidiaries has timely filed, or has caused to be timely filed on its behalf,
taking into account any valid extensions of time properly secured, all Tax Returns with the appropriate taxing authority required to be filed by it in accordance with all applicable Laws, and all such Tax Returns are true, complete and accurate in
all material respects. All Taxes due from the Company or its Subsidiaries whether or not shown as due on any Tax Returns have been timely paid to the appropriate taxing authority or are being contested in good faith and for which adequate reserves
are reflected on the Interim Balance Sheet. 

  
 37 

 (b) The Company and its Subsidiaries have withheld and timely remitted to the appropriate taxing
authority all Taxes required to have been withheld and remitted in connection with amounts paid or owing to any employees, independent contractors, creditors, stockholders and other Persons. 

(c) Neither the Company nor any of its Subsidiaries is currently a beneficiary of any extension of time within which to file any Tax Return.

 (d) All Forms W-2 and 1099 required to be filed or provided by the Company and its Subsidiaries have been properly completed and timely
filed or provided. 
 (e) There are no material Encumbrances for Taxes on the assets or properties of the Company or any of its Subsidiaries
other than Permitted Encumbrances. 
 (f) Neither the Company nor any of its Subsidiaries (i) has been a member of any affiliated group
filing a consolidated Tax Return (other than a group the common parent of which was the Company) or of any affiliated, consolidated, combined, or unitary group, as defined under applicable state, local or foreign Law (other than a group the common
parent of which was the Company) or (ii) has any Liability for the Taxes of any Person (other than the Company or its Subsidiaries) under Section 1.1502-6 of the Treasury Regulations (or any similar provision of state, local or foreign
Law), as a transferee or successor, by contract or otherwise. 
 (g) No Tax Return of the Company or any of its Subsidiaries with respect to
any Pre-Closing Tax Period has ever been audited by any taxing authority. 
 (h) There is no Proceeding pending or threatened against or
with respect to the Company or any of its Subsidiaries in respect of any Tax. 
 (i) No written claim or deficiency for any Taxes has been
asserted against the Company or any of its Subsidiaries which has not been resolved and/or paid in full. 
 (j) There are no pending Tax
audits or examinations of any Tax Returns of the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries has waived any statute of limitations with respect to Taxes or agreed to any extension of time with respect to a Tax
assessment or deficiency, which waiver is still outstanding. 
 (k) Neither the Company nor any of its Subsidiaries has received notice of
any claim by a Governmental Body in a jurisdiction where the Company or its Subsidiaries do not file Tax Returns that it is or may be subject to taxation by that Governmental Body. 

(l) Neither the Company nor any of its Subsidiaries will be required to include any item of income in, or exclude any item of deduction from,
taxable income for any period or portion thereof ending after the Closing Date (i) under Section 481 of the Code (or any similar provision of state, local or foreign Law) as a result of change in method of accounting for a Pre-Closing Tax
Period, (ii) pursuant to the provisions of any agreement entered into with any taxing authority or pursuant to a “closing agreement” as defined in Section 7121 of the Code (or any similar provision of state, local or foreign Law)
executed on or prior to the Closing Date, (iii) as a result of any intercompany transactions or any excess loss account described in 

  
 38 

 
Section 1.1502-19 of the Treasury Regulations (or any similar provision of state, local or foreign Law), (iv) as a result of the installment method of accounting, the completed contract
method of accounting or the cash method of accounting with respect to a transaction that occurred prior to the Closing Date, (v) as a result of any prepaid amount received on or prior to the Closing Date or (vi) as a result of any election
under Section 108(i) of the Code with respect to the discharge of any indebtedness on or prior to the Closing Date. 
 (m) Neither the
Company nor any of its Subsidiaries is a party to any Tax sharing, allocation or indemnity agreement, arrangement or similar contract. 

(n) Neither the Company nor any of its Subsidiaries has distributed the stock of another Person, or has had its stock distributed by another
Person, in a transaction that was purported or intended to be governed in whole or in part by Sections 355 or 361 of the Code. 
 (o) The
Company has not been a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code. 

(p) Neither the Company nor any of its Subsidiaries has participated in any “reportable transaction” as defined in
Section 6707A of the Code or Treasury Regulation Section 1.6011-4 (or any predecessor provision). 
 (q) The Company has disclosed
on its federal income Tax Returns all positions taken in such Tax Returns that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Code. 

(r) As of the Closing Date, the Company and its Subsidiaries have a net operating loss, within the meaning of Section 172(c) of the Code
(or any similar provision of state, local or foreign Law). 
 3.20 Affiliate Transactions. No officer, director,
securityholder, Affiliate or, to the Knowledge of the Company, employee of the Company or any of its Subsidiaries (i) is a party to any Contract with the Company or its Subsidiaries (except relating to compensation paid to officers, directors
and employees of the Company or its Subsidiaries in the ordinary course of business) or has any interest in any property or asset of the Company, or (ii) owns any property or right, tangible or intangible that is used by the Company or any of
its Subsidiaries. 
 3.21 Brokers. Other than pursuant to the Engagement Letter, there is no investment banker, broker, finder
or other intermediary entitled to any fee or commission in connection with the Transactions or any of the transactions contemplated by the other Transaction Documents based upon arrangements or agreements made by or on behalf the Company or any of
its Subsidiaries. 
 3.22 Stockholder Approval. The only vote of Company Capital Stock necessary to approve and adopt this
Agreement, the Merger and the transactions contemplated by this Agreement and the Transaction Documents is the approval and adoption of this Agreement by the stockholders holding a majority of the shares of the Common Stock and Preferred Stock
entitled to vote thereon “Company Required Vote”). 

  
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 3.23 Customers and Suppliers. Section 3.23 of the Disclosure Schedule
contains a true and complete list of (a) the ten (10) largest customers of the Company and its Subsidiaries (on a consolidated basis) for the year ended December 31, 2013 (the “Material Customers”), showing the
total sales to each Material Customer during the fiscal year ended December 31, 2013, and (b) the ten (10) largest suppliers of the Company and its Subsidiaries (on a consolidated basis) for the year ended December 31, 2013 (the
“Material Suppliers”), showing the total purchases from each Material Supplier during the fiscal year ended December 31, 2013. Except as set forth on Section 3.23 of the Disclosure Schedule, as of the date hereof,
none of the Material Customers or Material Suppliers has terminated or materially modified its Contract (including material reductions or changes to pricing terms) with the Company or any of its Subsidiaries and, to the Knowledge of the Company, no
Material Customer or Material Supplier intends to terminate or materially modify its Contract (including material reductions or changes to pricing terms) with the Company or any of its Subsidiaries. 

3.24 Inventory. All inventory of the Company and its Subsidiaries consists of a quality and quantity usable and salable in the
ordinary course of business consistent with past practice, except for obsolete, damaged, defective or slow-moving items that have been written off or written down to fair market value or for which adequate reserves have been established. The
inventories of the Company and its Subsidiaries constitute sufficient quantities for the normal operation of business in accordance with past practice, and are reasonable and not excessive with respect to the present condition and circumstances of
the Company and its Subsidiaries. 
 3.25 Accounts Receivable. All of the accounts receivable of the Company and its
Subsidiaries represent amounts receivable for merchandise actually delivered or services actually provided, have arisen from bona-fide transactions in the ordinary course of business consistent with past practice, have reserves which have been
calculated in a manner consistent with past practice and are payable on ordinary terms (including terms substantially similar to those set forth in the Contracts therefor). 

3.26 Books and Records. The minute books and stock record books of the Company and its Subsidiaries, true, complete and correct
copies of which have been provided to Parent, have been maintained in accordance with sound business practices. At the Closing, all books and records of the Company and its Subsidiaries will be in the possession of the Company. 

3.27 No Other Representations and Warranties. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS ARTICLE 3
(AS QUALIFIED BY THE DISCLOSURE SCHEDULE), THE COMPANY MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WITH RESPECT TO THE COMPANY, AND THE COMPANY HEREBY DISCLAIMS ANY SUCH REPRESENTATION OR WARRANTY IN CONNECTION WITH THE EXECUTION AND
DELIVERY OF THIS AGREEMENT AND THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

  
 40 

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB 

Each of Parent and Merger Sub hereby jointly and severally represents and warrants to the Company and the Securityholders’ Representative
as of the date hereof and the Closing Date: 
 4.1 Organization; Authorization. Each of Parent and Merger Sub is duly
organized, validly existing and in good standing under the Laws of its jurisdiction of incorporation, formation or organization, as applicable, and has all necessary corporate, limited liability company or other power and authority, as the case may
be, to carry on its business as presently conducted, and to own and lease the assets and properties which it owns and leases. Each of Parent and Merger Sub is duly qualified to do business as a foreign entity and is in good standing (if applicable)
in each jurisdiction in which its ownership or leasing of assets or properties or the nature of its activities requires such qualification, except where the failure to be so qualified would not reasonably be expected to be materially adverse to
Parent and Merger Sub, taken as a whole. Each of Parent and Merger Sub has all requisite right, power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is, or is specified to be, a party
(collectively, the “Parent Transaction Documents”), to perform its obligations hereunder and thereunder, and to consummate the Transactions and the transactions contemplated by the Transaction Documents. All necessary
corporate and shareholder or stockholder action has been taken by each of Parent and Merger Sub to authorize the execution, delivery and performance by it of this Agreement and each other Parent Transaction Document. Each of Parent and Merger Sub
has duly executed and delivered this Agreement and, at or prior to the Closing, will have duly executed and delivered each other Parent Transaction Document. This Agreement is, and each other Parent Transaction Document, when duly executed and
delivered at or prior to the Closing by Parent and/or Merger Sub, as the case may be, will be, the legal, valid and binding obligation of Parent and/or Merger Sub, as the case may be, enforceable against Parent and/or Merger Sub, as the case may be,
in accordance with its respective terms, except as enforceability of such obligations may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to or limiting creditors’
rights generally and general principles of equity relating to the availability of specific performance and injunctive and other forms of equitable relief. 

4.2 Merger Sub. Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this
Agreement and, since the date of its incorporation, Merger Sub has not carried on any business or conducted any operations other than the execution of this Agreement and the other Transaction Documents to which it is a party, the performance of its
obligations hereunder and thereunder and matters ancillary hereto and thereto. 
 4.3 Governmental Authorization. The
execution, delivery and performance by Parent and Merger Sub of this Agreement and the other Parent Transaction Documents and the consummation of the Transactions by them require no Consent of or with any Governmental Body, other than compliance
with any applicable requirements of federal and state securities laws. 
 4.4 No Conflicts. Neither the execution,
delivery and performance by Parent or Merger Sub of this Agreement and the other Parent Transaction Documents nor the consummation of the Transactions or the transactions contemplated by the other Transaction Documents (in each case with or without
the passage of time or the giving of notice, or both): (a) contravene, conflict with or result in a violation or breach of the organizational documents of 

  
 41 

 
Parent or Merger Sub; (b) require any Consent from any Person under any of the terms or conditions of any material Contract to which Parent or Merger Sub is a party or by which it or any of
its properties or assets are bound, or result in any termination rights, loss of benefits under or any obligation to make any payment under any such material Contract; (c) result in the creation or imposition of any Encumbrance upon any of the
assets of Parent or Merger Sub, other than Permitted Encumbrances; (d) cause a loss or impairment of any material Governmental Authorization held by Parent or Merger Sub or by which any of their respective properties or assets are bound; or
(v) violate any Law or Judgment. 
 4.5 Judgments and Proceedings. There are no (i) pending or unsatisfied
material Judgments binding upon or applicable to Parent or Merger Sub or by which Parent or Merger Sub or any of their respective businesses, properties or assets that would reasonably be expected to have a Parent Material Adverse Effect or
(ii) Proceedings pending or, to the Knowledge of Parent or Merger Sub, threatened against Parent or Merger Sub seeking to prevent or delay the consummation of the transactions contemplated by the Agreement and the other Transaction Documents.

 4.6 No Brokers. There is no investment banker, broker, finder or other intermediary entitled to any fee or
commission in connection with the consummation of the Transactions or any of the transactions contemplated by the other Transaction Documents based upon arrangements or agreements made by or on behalf of Parent, Merger Sub or any of their respective
Affiliates or subsidiaries. 
 4.7 Investment. Parent is acquiring the Company Capital Stock for its own account, for
investment only, and not with a view to any resale or public distribution thereof. Parent shall not offer to sell or otherwise dispose of such shares in violation of any Laws applicable to any such offer, sale or other disposition. Parent
acknowledges that (a) such Company Capital Stock has not been registered under the Securities Act of 1933, as amended, or any state securities Laws, (b) there is no public market for such Company Capital Stock and there can be no assurance
that a public market shall develop, and (c) it must bear the economic risk of its investment in such Company Capital Stock for an indefinite period of time. As of the Closing, Parent will be an “Accredited Investor” within the meaning
of the Securities and Exchange Commission Rule 501 of Regulation D of the Securities Act of 1933, as presently in effect. 
 4.8 WARN
Act. Parent has no present plans or intention to carry out, following the Closing, any “plant closing” or “mass layoff” (as defined in the WARN Act) at any facility of the Company or any of its Subsidiaries
(assuming for purposes of this section that no notice would be given in connection with any such closing or layoff). 
 4.9
Solvency. Assuming the accuracy of the representations and warranties set forth in Article 3, immediately after giving effect to the Transactions, (a) Parent and its Subsidiaries shall be able to pay their respective
debts as they become due and shall own property which has a fair saleable value greater than the amounts required to pay their respective debts (including a reasonable estimate of the amount of all contingent liabilities), and (b) Parent and
each of its Subsidiaries shall have adequate capital to carry on their respective businesses. No transfer of property is being made and no obligation is being incurred in connection with the Transactions with the intent to hinder, delay, or defraud
either present or future creditors of Parent and its Subsidiaries. 

  
 42 

 4.10 Disclaimer Regarding Projections; No Reliance. In connection with
Parent’s and Merger Sub’s investigation of the Company and its Subsidiaries, Parent, Merger Sub and their Representatives have received from the Company and its Subsidiaries (individually or through its Representatives) certain
projections, estimates and other forecasts and certain business plan information (collectively, “Projections”). Each of Parent and Merger Sub acknowledges that there are uncertainties inherent in attempting to make such
Projections, that it is familiar with such uncertainties, that it is making its own evaluation of the adequacy and accuracy of all Projections so furnished to it and any use of, or reliance by it on, such Projections shall be at its sole risk, and
without limiting any other provisions herein, that it shall have no claim against anyone with respect thereto subject to the limitations herein. Each of Parent and Merger Sub acknowledges that none of the Company, the Securityholders, the
Securityholders’ Representative or any other Person has made any representation or warranty, expressed or implied, as to the accuracy or completeness of any Projections, any written or oral information regarding the Company or any of its
Subsidiaries furnished or made available to Parent, Merger Sub and their Representatives or otherwise with respect to the Securityholders or the Company, any of its Subsidiaries or their operations, business, financial condition, assets, liabilities
or prospects, except as expressly set forth in Article 3 of this Agreement, and, none of the Company, the Securityholders’ Representative or any other Person shall have or be subject to any Liability to Parent, Merger Sub or any other
Person resulting from the distribution to Parent, Merger Sub or their respective Representatives and Affiliates, or Parent’s, Merger Sub’s or any of their Representatives’ or Affiliates’ use of, any such Projections, written or
oral information, and any information, documents or material made available to Parent, Merger Sub or their respective Representatives and Affiliates in any form. Parent and Merger Sub shall acquire the Company and its Subsidiaries without any
representation or warranty as to merchantability or fitness for any particular purpose, in an “as is” condition and on a “where is” basis, except as otherwise expressly represented or warranted in this Agreement and the other
Transaction Documents. For the avoidance of doubt, nothing in this Section 4.10 or this Agreement shall be interpreted to waive any rights that Parent and Merger Sub have with respect to recovery for breaches of representations and
warranties made by the Company in Article 3 of this Agreement. 
 4.11 Sufficient Funds. Parent has (and will
have and cause Merger Sub to have as of the Closing) the funds necessary to consummate the transactions contemplated by this Agreement, including payment of the Merger Consideration, the amounts referenced in Section 2.3, and the fees
and expenses associated with this Agreement and the transactions contemplated hereby. Parent shall promptly notify the Company and Securityholders’ Representative of any adverse change with respect to the availability of such funds. 

4.12 No Other Representations and Warranties. Except for the representations and warranties contained in this Article
4, Parent and Merger Sub make no express or implied representation or warranty, and Parent and Merger Sub hereby disclaim any such representation or warranty with respect to the execution and delivery of this Agreement and consummation of the
Transactions. 

  
 43 

 ARTICLE 5 

CERTAIN COVENANTS OF THE PARTIES 

5.1 General. Subject to the terms and conditions of this Agreement, each of the Parties hereto shall use its commercially
reasonable efforts to take all action and to do all things necessary, proper or advisable in order to consummate and make effective the Transactions as promptly as reasonably practicable, including (a) satisfaction, unless waived by the Party
to whose benefit they would otherwise accrue, of the closing conditions set forth in Article 6 below, (b) the defending of any lawsuits or other Proceedings, whether judicial or administrative, challenging the Transactions or the
performance of the obligations of any Party hereto in connection therewith, (c) obtaining, delivering or effecting any waivers, modifications, permits, consents, approvals, authorizations, qualifications, notices, registrations and filings as
are required in connection with the consummation of the Transaction, and (d) the execution and delivery of such instruments and the taking of such other actions, including the furnishing to each other Party hereto of assistance or information,
as the other Party hereto may reasonably require in order to carry out the intent of the Transaction (it being understood and agreed that all such information provided by or on behalf of the Company shall be subject to the Confidentiality
Agreement). 
 5.2 Conduct of Business by the Company. From the date of this Agreement through the earlier of the
termination pursuant to Article 9 of this Agreement or the Effective Time (the “Pre-Closing Period”), except as Parent may otherwise approve in writing (which approval shall not be unreasonably withheld or delayed) or
as otherwise expressly contemplated or required by this Agreement, the Company shall, and shall cause each of its Subsidiaries to, conduct its business in the ordinary course of business consistent with past practice, and, to the extent consistent
therewith, shall use commercially reasonable efforts to preserve its relationships with contractors, suppliers, customers, vendors, licensors, licensees, landlords and others with whom the Company or any of its Subsidiaries has contractual or other
commercial relations in substantially the same manner as they have prior to the date of this Agreement. Without limiting the foregoing, except as set forth on Section 5.2 of the Disclosure Schedule or as otherwise expressly contemplated by the
terms of the Transaction Documents and except as Parent may otherwise approve in writing (which approval shall not be unreasonably withheld or delayed), during the Pre-Closing Period, the Company shall not, and shall cause its Subsidiaries not to:

 (a) amend or authorize the amendment of its certificate of incorporation or bylaws (or equivalent organizational documents); 

(b) other than any cash dividends, declare, set aside, make, pay or effect any recapitalization, reclassification, stock dividend (or other
distribution or payment), stock split, combination or like change in its capitalization or amend the terms of any outstanding securities of the Company or any of its Subsidiaries; 

(c) issue, sell or deliver any of the Company’s or its Subsidiaries’ securities, securities convertible into equity securities or
any options, warrants or other rights to purchase the Company’s or its Subsidiaries’ equity securities, other than the issuance of shares upon the exercise of Options or issuances of capital stock by a direct or indirect Subsidiary of the
Company to such Subsidiary’s parent or another direct or indirect Subsidiary of the Company; 

  
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 (d) enter into or agree to enter into any merger or consolidation with any Person, engage in any
new business or invest in, make a loan, advance or capital contribution to, or otherwise acquire the securities or a substantial portion of the assets of, any other Person; 

(e) make any change in any method of accounting or accounting policy other than as required by GAAP or applicable Law; 

(f) (A) settle or compromise any Tax liability; (B) make, change or rescind any Tax election; (C) surrender any right in respect of
Taxes; (D) consent to any extension or waiver of the limitation period applicable to any claim or assessment in respect of Taxes; or (E) amend any Tax Return; 

(g) increase the compensation or benefits payable or to become payable to or grant any bonuses or salary increase to any of its officers,
directors, employees, agents or consultants, enter into or amend or terminate any employment, severance, consulting, termination or other agreement or employee benefit plan or make or amend any loans to any of its officers, directors, employees,
affiliates, agents or consultants or make any change in its existing borrowing or lending arrangements for or on behalf of any of such Persons pursuant to an employee benefit plan or otherwise, in any case except (A) as required by the terms of
an Employee Benefit Plan as in effect on the date hereof or applicable Law, (B) any annual salary increases made in the ordinary course of business consistent with past practice or (C) payments relating to the Transactions that are to be
paid at or prior to the Closing (but not after the Closing) and that do not exceed $50,000 per recipient or $500,000 in the aggregate; 

(h) hire or terminate (other than a termination for cause in the ordinary course of business consistent with past practice) any employee,
officer, director, consultant or independent contractor of the Company or any of its Subsidiaries making more than $100,000 in base annual compensation; 

(i) issue, create, incur, endorse, guarantee or assume any Indebtedness, mortgage, pledge or Encumbrance (other than (A) Permitted
Encumbrances, (B) as required by applicable Law or (C) pursuant to Contracts entered into in the ordinary course of business consistent with past practice); 

(j) make any loan or advance to any officer, director, employee or member of the Company or any of its Subsidiaries (except pursuant to an
Employee Benefit Plan) or make any loan, advance, capital contribution to or investment in any firm or business in which any such Person has a direct or indirect material interest, other than (A) by the Company or a direct or indirect
Subsidiary to or in the Company or any other direct or indirect Subsidiary or (B) pursuant to any Material Contract as in effect as of the date hereof; 

(k) enter into, amend or terminate a Material Contract other than amendments in the ordinary course of business consistent with past practice;

  
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 (l) institute, settle or compromise any Proceeding (other than matters involving the payment of
less than $100,000 by the Company or any of its Subsidiaries) or waive or release any right or claim against a third Person; 
 (m) take any
action which would, or would reasonably be expected to, adversely affect the ability of the parties to consummate the transactions contemplated by this Agreement, including the Merger; or 

(n) agree or commit to do any of the actions set forth in clauses (a) through (m) above. 

5.3 Antitrust Filings. 

(a) Within five (5) Business Days following the date hereof, the Company and Parent shall each make such premerger filings and any other
filing or notification with the Antitrust Authorities, if any, as may be required under the Antitrust Laws, concerning the Transaction. From the date of such filing until the Closing Date, the Company and Parent shall file all reports or other
documents required or requested by the Antitrust Authorities under the Antitrust Laws, or otherwise and will comply promptly with any requests by the Antitrust Authorities for additional information concerning the Transaction, so that the waiting
period specified in the Antitrust Laws will expire or terminate as soon as reasonably possible after the execution and delivery of this Agreement. Parent shall pay all fees required in connection with any filing required under the Antitrust Laws,
and Parent shall (and shall cause its Subsidiaries and Affiliates to) use best efforts to insure that any applicable waiting periods imposed under the Antitrust Laws terminate or expire as early as practicable. Parent’s obligations under this
Section 5.3(a) to use best efforts shall include, if necessary, (i) proposing, negotiating, committing to and effecting, by consent decree, hold separate order, or otherwise, the sale transfer, license, divestiture or other
disposition of any entities, assets, product lines, interests, or facilities of Parent or its Affiliates; (ii) terminating, amending or assigning existing relationships and contractual rights and obligations; or (iii) amending, assigning
or terminating existing licenses or other agreements and entering into such new licenses or other agreements; provided, however, that any such action shall be conditioned upon the consummation of the Merger, and notwithstanding
anything to the contrary set forth in this Agreement, Parent (and its Subsidiaries and Affiliates) shall not be required to take, or agree or commit to take, any such action or agree or commit to, or effect, any such other matter described in
clauses (i), (ii) or (iii) above that, in the reasonable judgment of Parent, would reasonably be expected to be materially adverse to the business of Parent or the Company. Subject to the foregoing limitations, each party agrees to use
(and cause its Subsidiaries and Affiliates to use) best efforts to cooperate and oppose any temporary restraining order, rescission order, preliminary injunction, or hold separate order sought by any Governmental Body to unwind, prevent, or delay
the Transactions. 
 (b) The Company and Parent shall furnish, or cause their respective counsel to furnish, to each other such necessary
information and reasonable assistance as the other may reasonably request in connection with both its determination of what filings are necessary under the Antitrust Laws and the preparation of necessary filings or submissions under the provisions
of the Antitrust Laws. The Company and Parent will cause their respective counsel to supply to each other copies of all correspondence, filings or written communications by or to such party or 

  
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its Affiliates with or from any Governmental Body or staff members thereof, with respect to the Transactions and any related or contemplated transactions, except for information submitted in
response to any request for additional information or documents pursuant to the Antitrust Laws which reveal the Company’s or Parent’s negotiating objectives or strategies or purchase price expectations. 

5.4 Directors’ and Officers’ Exculpation; Indemnification. 

(a) Parent and Merger Sub agree, for and on behalf of themselves and the Surviving Entity, that all rights of the individuals who, on or prior
to the Closing Date, were directors, officers or managers (to the extent the entity is a limited liability company) of the Company or any of its Subsidiaries (collectively, the “D&O Indemnitees”) to indemnification and
exculpation from liabilities for acts or omissions occurring at or prior to the Closing Date, as provided in the respective certificate of incorporation or bylaws or comparable organizational documents of the Company or any of the Subsidiaries as
now in effect, and any indemnification agreements or arrangements of the Company or any of the Subsidiaries set forth on Section 5.4 of the Disclosure Schedule shall survive the Merger and shall continue in full force and effect in accordance
with their terms for a period of six (6) years following the Effective Time. Such rights shall not be amended or otherwise modified for a period of six (6) years following the Effective Time in any manner that would adversely affect the
rights of the D&O Indemnitees, unless such modification is required by Law. 
 (b) Parent and Merger Sub, for a period of six
(6) years from and after the Effective Time, shall cause (i) the certificate of incorporation and bylaws of the Surviving Entity to contain provisions no less favorable to the applicable D&O Indemnitees with respect to limitation of
liabilities of D&O Indemnitees and indemnification than are set forth as of the date of this Agreement in the certificate of incorporation and bylaws of the Company and (ii) the certificate of incorporation and bylaws or comparable
organizational documents of each Subsidiary of the Surviving Entity to contain provisions no less favorable to the applicable D&O Indemnitees than the current provisions regarding indemnification of D&O Indemnitees, which provisions in each
case shall not be amended, repealed or otherwise modified in a manner that would adversely affect the rights thereunder of the D&O Indemnitees. 

(c) No later than thirty (30) days after the Closing Date, Parent shall purchase for any Person who is on the date of this Agreement or
who becomes prior to the Closing Date a D&O Indemnitee a directors’ and officers’ liability insurance “tail” or “runoff” insurance program (a “Tail Policy”) to be in effect until the end of
the six (6)-year period following the Closing Date (and for so long thereafter as any Claim is being adjudicated) with respect to acts or omissions occurring prior to the Closing Date (such coverage to be on terms and conditions and for an amount no
less favorable to the Company’s directors, officers and managers currently covered by such insurance than those of such policy in effect on the date hereof). The cost of the Tail Policy shall be borne by the Parent (for the avoidance of doubt,
such cost shall not constitute a Transaction Expense). 
 (d) The provisions of this Section 5.4: (i) are intended to be
for the benefit of, and shall be enforceable by, each D&O Indemnitee, his or her heirs and his or her representatives; and (ii) are in addition to, and not in substitution for, any other rights to indemnification or contribution that any
such D&O Indemnitee may have by Contract or otherwise. 

  
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 (e) In the event that Parent or Merger Sub or the Surviving Entity or any of their successors or
assigns (i) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger; or (ii) transfers or conveys all or substantially all of its properties and assets
to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Parent or Merger Sub or the Surviving Entity (as the case may be) shall assume all of the obligations thereof set forth in this
Section 5.4. 
 (f) After the Closing Date, the obligations of Parent and the Surviving Entity under this
Section 5.4 shall not be terminated or modified in such a manner as to adversely affect any D&O Indemnitee to whom this Section 5.4 applies without the consent of the affected D&O Indemnitee (it being expressly agreed
that the D&O Indemnitees to whom this Section 5.4 applies shall be third party beneficiaries of this Section 5.4). 

(g) The Parties hereby acknowledge that the D&O Indemnitees may have certain rights to indemnification, advancement of expenses and/or
insurance provided by American Capital or its Affiliates (other than the Company and its Subsidiaries) (collectively, the “AC Indemnitors”). Parent and Merger Sub hereby agree that from and after the Closing Date (i) the
Company, its Subsidiaries and any of their successors or assigns are the indemnitors of first resort (i.e., its obligations to D&O Indemnitees are primary and any obligations of the AC Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by any D&O Indemnitee are secondary), (ii) the Company, its Subsidiaries and any of their successors or assigns shall be required to advance the full amount of expenses incurred
by any D&O Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent permitted by applicable Law and by the terms of this Agreement and the certificate of
incorporation or bylaws of the Company or any of its Subsidiaries (or any other agreement between the Company or any of its Subsidiaries, on the one hand, and any D&O Indemnitee, on the other hand), without regard to any rights a D&O
Indemnitee may have against the AC Indemnitors and (iii) it irrevocably waives, relinquishes and releases the AC Indemnitors from any and all claims against the AC Indemnitors for contribution, subrogation or any other recovery of any kind in
respect thereof. Parent and Merger Sub further agree that no advancement or payment by the AC Indemnitors on behalf of a D&O Indemnitee with respect to any claim for which a D&O Indemnitee seeks indemnification from the Company after the
Effective Time shall affect the foregoing and the AC Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of a D&O Indemnitee against the Company.
Parent and Merger Sub agree that the AC Indemnitors are express third party beneficiaries of the terms of this Section 5.4(g). 

5.5 Further Assurances. Subject to the terms and conditions of this Agreement and the other Transaction Documents,
following the Closing, each party hereto shall, from time to time, execute such further instruments and take such other actions as any other party hereto shall reasonably request in order to fulfill its obligations under any of the Transaction
Documents, to effectuate the purposes of the Transaction Documents and to provide for the orderly and efficient 

  
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transition of the ownership of the Company to Parent; provided, however, that any actions not specifically required by other provisions of this Agreement and the Transaction
Documents shall be at the expense of the party requesting. 
 5.6 Public Announcements; Confidentiality. 

(a) Unless required by Law (in which case each of Parent, the Company and the Securityholders’ Representative shall consult with the
other party prior to any such disclosure as to the form and content of such disclosure), the Company, Parent and Merger Sub agree that no public release or announcement concerning the consummation of the Transactions and the transactions
contemplated by the other Transaction Documents shall be issued by any such Party without the prior consent of the other Parties hereto (which consent shall not be unreasonably withheld); provided, however, that notwithstanding the
foregoing, each current or former holder of Company Capital Stock (or other Securityholder) and its Affiliates that has one or more classes of securities listed on a national stock exchange or NASDAQ may issue such press releases or public
statements after the Closing as it issues in the ordinary course of business. 
 (b) For a period of three (3) years following the date
hereof, the holders of Company Capital Stock shall not, directly or indirectly, disclose, reveal, divulge or communicate to any Person other than its authorized officers, directors, employees and attorneys or use or otherwise exploit for its own
benefit or for the benefit of anyone other than such holder of Company Capital Stock, any Confidential Information (as defined below). Such holder of Company Capital Stock shall not have any obligation to keep confidential (or cause their officers,
directors or Affiliates to keep confidential) any Confidential Information if and to the extent disclosure thereof is specifically required by applicable Law or in connection with a Proceeding; provided, however, that in the event
disclosure is required by applicable Law or a Proceeding, such holder of Company Capital Stock shall, to the extent reasonably possible, provide Parent with prompt notice of such requirement prior to making any disclosure so that the Parent may seek
an appropriate protective order. For purposes of this Section 5.6(b), “Confidential Information” means any proprietary information with respect to the Company or any of the Subsidiaries, including methods of
operation, customer lists, products, prices, fees, costs, technology, inventions, trade secrets, know how, software, marketing methods, plans, personnel, suppliers, competitors, markets or other specialized information or proprietary matters.
“Confidential Information” does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement or (ii) becomes generally available
to the public other than as a result of a disclosure not otherwise permissible hereunder. In addition, notwithstanding the foregoing or anything else to the contrary in this Agreement, each current or former holder of Company Capital Stock (or other
Securityholder) and its Affiliates (i) is authorized to disclose confidential information with respect to the Company or its business to such Person’s representatives or advisors or to a Governmental Body, in each case, in connection with
a Proceeding and/or (ii) if such holder is a private equity fund or similar investment firm, is authorized to disclose the following confidential financial information with respect to the Company or the Transactions to such Person’s
current or prospective limited partners or similar investors, co-investors and/or lenders: (A) purchase price paid by parent for the Company; (B) the contemplated Merger Consideration; and (C) such other information regarding such
fund’s internal rate of return and similar investment metrics with respect to its investment in the Company. 

  
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 5.7 Tax Matters. 

(a) Filing of Tax Returns. The Securityholders’ Representative shall prepare or cause to be prepared (i) all Tax Returns for
the Surviving Entity and the Subsidiaries for all taxable periods ending on or prior to the Closing Date and (ii) the final U.S. federal consolidated income Tax Return which includes the Company and its Subsidiaries with respect to the taxable
year ending at the end of the day on the Closing Date (such consolidated income Tax return the “Consolidated Tax Return”). All such Tax Returns shall be prepared and filed in a manner consistent with the past practice of the
Company and its Subsidiaries unless otherwise required by applicable Law. At least thirty (30) days prior to the date on which each such Tax Return is filed, the Securityholders’ Representative shall submit such Tax Return to Parent
for its review and comment. Parent shall provide any written comments to the Securityholders’ Representative not later than ten (10) days after receiving any such Tax Return or the Consolidated Tax Return and, if written comments are not
provided within ten (10) days, Parent shall be deemed to have accepted such Tax Return or the Consolidated Tax Return. The parties shall attempt in good faith to resolve any dispute with respect to such Tax Return or the Consolidated Tax
Return. If the parties are unable to resolve any such dispute at least ten (10) days prior to the date on which such Tax Return or the Consolidated Tax Return must be filed, the dispute shall be referred to the Independent Accounting Firm for
resolution and the fees shall be shared one-half by the Securityholders’ Representative and one-half by Parent. If the Independent Accounting Firm is unable to resolve any such dispute prior to the date on which any such Tax Return or the
Consolidated Tax Return must be filed, such Tax Return shall be filed as prepared by Parent (or, in the case of the Consolidated Tax Return, the Securityholders’ Representative) subject to amendment, if necessary, to reflect the resolution of
the dispute by the Independent Accounting Firm. Parent shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for the Surviving Entity and the Subsidiaries for any Straddle Period. At least thirty (30) days prior to
the date on which each such Tax Return is filed, Parent shall submit such Tax Return to the Securityholders’ Representative for its review and comment. The Securityholders’ Representative shall provide any written comments to Parent not
later than ten (10) days after receiving any such Tax Return and, if written comments are not provided within ten (10) days, the Securityholders’ Representative shall be deemed to have accepted such Tax Return. The parties shall
attempt in good faith to resolve any dispute with respect to such Tax Return. If the parties are unable to resolve any such dispute at least ten (10) days prior to the date on which such Tax Return must be filed, the dispute shall be referred
to the Independent Accounting Firm for resolution and the fees shall be shared one-half by the Securityholders’ Representative and one-half by Parent. If the Independent Accounting Firm is unable to resolve any such dispute prior to the date on
which any such Tax Return must be filed, such Tax Return shall be filed as prepared by Parent subject to amendment, if necessary, to reflect the resolution of the dispute by the Independent Accounting Firm. No Party shall file any Tax Return for the
Surviving Entity or the Subsidiaries for any period ending prior to or including the Closing Date (including the Consolidated Tax Return) except pursuant to the procedures set forth in this Section 5.7(a). The Securityholders’
Representative (and, to the extent the Securityholders’ Representative Amount has been exhausted, the Securityholders) shall pay and shall be responsible for payment of all Taxes allocable to any Pre-Closing Tax Period shown as due on any Tax
Returns prepared pursuant to this Section 5.7(a) to Parent no later than five (5) days prior to the date on which such Tax Return must be filed. The payments due under the preceding sentence shall be paid by the
Securityholders’ Representative from the Securityholders’ Representative Amount; provided 

  
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that if the Securityholders’ Representative Amount has been exhausted and a balance remains for Tax payments due under the preceding sentence, the Securityholders will have a several, and
not joint, liability for payment of such balance to the extent of its Pro Rata Share; provided, further, that (i) with respect to holders of Company Capital Stock, Parent may recover such amounts directly from the holders of
Company Capital Stock or through the Escrow Fund at Parent’s sole discretion and (ii) with respect to any other Securityholders, Parent’s sole recovery will be through the Escrow Fund. For the avoidance of doubt, in no event will any
Securityholder be liable under the preceding sentence for an amount in excess of its Pro Rata Share. 
 (b) Proration of Straddle Period
Taxes. In the case of Taxes that are payable with respect to any Straddle Period, the portion of any such Taxes that is attributable to the portion of the period ending on the Closing Date shall be: 

(i) in the case of Taxes that are either (A) based upon or related to income or receipts, or (B) imposed in
connection with any sale or other transfer or assignment of property (real or personal, tangible or intangible), deemed equal to the amount that would be payable if the Tax period of the Company and its Subsidiaries (and each partnership in which
the Company and its Subsidiaries is a partner) ended with (and included) the Closing Date; provided that exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization deductions) shall be
allocated between the period ending on and including the Closing Date and the period beginning after the Closing Date in proportion to the number of days in each period; 

(ii) in the case of Taxes that are imposed on a periodic basis with respect to the assets or capital of the Company or any
Subsidiary, deemed to be the amount of such Taxes for the entire Straddle Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding period), multiplied by a fraction the numerator of
which is the number of calendar days in the portion of the period ending on and including the Closing Date and the denominator of which is the number of calendar days in the entire period; and 

(iii) in the case of a Tax that is (A) paid for the privilege of doing business during a period (a “Privilege
Period”) and (B) computed based on business activity occurring during an accounting period ending prior to such Privilege Period, any reference to a “Tax period,” a “tax period,” or a “taxable period”
shall mean such accounting period and not such Privilege Period. 
 (c) Amended Tax Returns. Without the prior written consent of the
Securityholders’ Representative, which consent shall not be unreasonably conditioned, withheld or delayed, or unless otherwise required by Law, Parent will not (i) except for Tax Returns that are filed pursuant to
Section 5.7(a), file or amend or permit any of the Company or any of its Subsidiaries to file or amend any Tax Return relating to a Pre-Closing Tax Period, or (ii) with respect to Tax Returns filed pursuant to
Section 5.7(a), after the date such Tax Returns are filed pursuant to Section 5.7(a), amend or permit any of the Company or any of its Subsidiaries to amend any such Tax Return. 

  
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 (d) Cooperation of Tax Claims and Tax Returns. This Section 5.7(d), and not
Section 8.5, shall control any Tax Claim. From and after the Closing, Parent shall cause the Surviving Entity to notify the Securityholders’ Representative in writing within five (5) Business Days of the receipt of any
correspondence regarding a potential Tax Claim, demand or claim on the Surviving Entity with respect to Taxes for any Pre-Closing Tax Period or Straddle Period that, if determined adversely to the Surviving Entity would give rise to a Liability of
any Securityholder to make a payment to Parent, the Surviving Entity or their respective successors or assigns pursuant to this Agreement or otherwise; provided, however, that the failure to give such notice shall not affect the
indemnification provided in Section 8.1 or any other obligation of the Securityholders other than to the extent that the Securityholders have been materially and actually prejudiced as a result of such failure or the indemnification
obligations or other obligations are materially increased as a result of such failure. The Securityholders’ Representative shall control any defense or settlement, compromise, admission, or acknowledgment of any Tax Claim that relates solely to
any Pre-Closing Tax Period (including any that relates to the Consolidated Tax Return but does not relate to any taxable period or portion thereof that ends after the Closing Date); provided, however, that (i) Parent shall have
the right (but not the duty) to participate in the defense of such Tax Claim and to employ counsel, at its own expense, separate from counsel employed by the Securityholders’ Representative, and (ii) the Securityholders’
Representative shall not enter into any settlement of or otherwise compromise any such Tax Claim without the prior written consent of Parent, which consent shall not be unreasonably conditioned, withheld or delayed. The Surviving Entity and Parent
shall control any defense or settlement, compromise, admission, or acknowledgment of any Tax Claim that does not relate solely to any Pre-Closing Tax Period, provided, however, that (i) the Securityholders’ Representative
shall have the right (but not the duty) to participate in the defense of such Tax Claim and to employ counsel, at its own expense, separate from counsel employed by the Surviving Entity and Parent, and (ii) the Surviving Entity and Parent shall
not enter into any settlement of or otherwise compromise any such Tax Claim that could result in any Liability of any Securityholder to make a payment of Taxes pursuant to this Agreement without the prior written consent of the Securityholders’
Representative, which consent shall not be unreasonably conditioned, withheld or delayed. The Securityholders’ Representative, the Securityholders, the Surviving Entity, and Parent shall reasonably cooperate, and shall use commercially
reasonable efforts to cause their respective Affiliates, directors, officers, employees, consultants, agents, auditors and other representatives to reasonably cooperate in preparing and filing all Tax Returns and in resolving all disputes and audits
with respect to all taxable periods relating to Taxes (including by maintaining and making available to each other all records necessary in connection with Taxes and making employees available on a mutually convenient basis during normal business
hours to provide additional information or explanation of any material provided hereunder or to testify at proceedings relating to such Tax Claim). For the purposes hereof, a “Tax Claim” is any audit, claim for refund or
administrative or judicial proceeding involving any asserted Liability for Taxes of the Company or any of its Subsidiaries that could give rise to a Liability of any Securityholder to make a payment pursuant to this Agreement. 

(e) Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including
any penalties and interest) incurred in connection with this Agreement shall be borne and paid by Parent when due, and Parent will, at its own expense, file all necessary Tax Returns and other documentation with respect to all such

  
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Taxes and fees, and, if required by applicable Law or regulation, the Company and the Securityholders’ Representative, will execute and deliver, and will cause their respective Affiliates to
join in the execution and delivery of, any such Tax Returns and other documentation. 
 (f) Tax Refunds. The amount of any refunds of
Taxes of the Company and its Subsidiaries for any Pre-Closing Tax Period and any amount payable to the Company with respect to the Pre-Closing Tax Period under any tax sharing agreement (but excluding any refund resulting from any Tax attribute
generated after the Closing Date, which refund shall be for the account of Parent) (collectively, “Tax Refunds”) shall be for the account of the holders of Company Capital Stock. The amount of any Tax Refund of the Company
and its Subsidiaries for any Tax period beginning after the Closing Date shall be for the account of Parent. The amount of any Tax Refund of the Company and its Subsidiaries for any Straddle Period shall be equitably apportioned between Parent and
the holders of Company Capital Stock in accordance with the principles set forth in Section 5.7(b). Each party shall forward, and shall cause its Affiliates to forward, to the party entitled to receive a Tax refund pursuant to this
Section 5.7(f) the amount of such Tax Refund within thirty (30) days after such Tax Refund is received, net any costs, Taxes or expenses incurred by such party and its Affiliates in procuring such refund. The counterparties to the
tax sharing agreement will, as of the Closing pursuant to a direction letter to be sent by the Company to its counterparty in the tax sharing agreement and effective as of the Closing (the “Tax Sharing Direction Letter”), be
irrevocably authorized and directed to pay any Tax Refund payable thereunder to the Securityholders’ Representative for further payment to the holders of Company Capital Stock or for inclusion in the Securityholders’ Representative Amount,
as may be elected by the Securityholders’ Representative. For the avoidance of doubt, any payments of any refunds of Taxes of the Company and its Subsidiaries for any Pre-Closing Tax Period to be made by Parent will be net of any Taxes of the
Company and its Subsidiaries due with respect to any Pre-Closing Tax Period. 
 (g) Tax Sharing Agreements. All Tax sharing or
allocation agreements, arrangements or similar Contracts with respect to or involving the Company and its Subsidiaries shall be terminated as of the Closing Date and, after the Closing Date, the Company and its Subsidiaries will not be bound thereby
or have any liability thereunder. 
 5.8 Disclosure Supplements. From time to time prior to the Closing, the
Securityholders’ Representative, the Company and, with respect to disclosures given by them, any Securityholder, may disclose to Parent in writing promptly upon the discovery thereof any matter arising after the date hereof which, if existing
on the date of this Agreement, would have been required to be set forth or described in the Disclosure Schedule. Such disclosures may take the form of amendments or supplements to the attached Disclosure Schedules in the form of “Updated
Schedules” delivered to Parent; provided that if an Updated Schedule is delivered pursuant to this Section 5.8, the Company’s representations and warranties shall be deemed modified, amended and supplemented by
such Updated Schedule for purposes of the Company’s indemnification obligations set forth in Article 8, but not for purposes of satisfying the closing conditions in Section 6.2. For the avoidance of doubt, no Updated Schedule
shall contain any matter that existed as of the date of this Agreement, whether or not known to the Company, the Securityholders’ Representative or the Securityholders, as applicable (unless the representation or warranty with respect to such
matter is qualified by knowledge, such as “to the Knowledge of the Company”, and knowledge of such matter is acquired after the date of this Agreement). 

  
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 5.9 WARN. For a period of one year following the Closing Date, Parent agrees
to cause the Surviving Entity and its Subsidiaries to provide any required notice under the WARN Act, or any similar Law, and to otherwise comply with any such Law with respect to any “plant closing” or “mass layoff” (as defined
in the WARN Act) or similar event affecting the Continuing Employees. 
 5.10 COBRA. On and after the Closing, Parent
shall cause continuation coverage under the Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA, and any similar applicable state or local Law, to be provided to each current and former employee of the Company and its
Subsidiaries, and each eligible beneficiary thereof, who is or becomes an “M&A qualified beneficiary” (as defined in Section 54.4980B-9 of the Treasury Regulations) in connection with the occurrence of the Transactions to the
extent elected by such individual. 
 5.11 Employee Matters. During the period that begins on the Closing Date and ends
on the first anniversary of the Closing Date, Parent agrees to cause the Surviving Entity and its Subsidiaries to provide their respective employees who remain employed with such entities following the Closing (each, a “Continuing
Employee”) with wages and bonus opportunities that are substantially comparable in the aggregate to the wages and bonus opportunities in effect for such Continuing Employees as a whole as of the date of this Agreement. As of and after
the Closing Date, Parent shall cause the Surviving Entity and its Subsidiaries to provide each Continuing Employee with full credit for service with the Company and its Subsidiaries earned prior to the Closing Date (i) for eligibility purposes,
except with respect to defined benefit pension plans, and (ii) for purposes of vacation accrual and severance benefit determinations under any plans, programs, policies and arrangements maintained for the benefit of such Continuing Employees,
in each case to the extent recognized by the Company and its Subsidiaries immediately prior to the Closing Date and except as would result in a duplication of benefits. Nothing in this Section 5.11 is intended to (a) represent a
guarantee of employment or otherwise restrict the authority of Parent, the Company, the Surviving Entity or any of their respective Subsidiaries to terminate the employment of any of their employees, subject to applicable Law, (b) create any
third-party beneficiary or other rights in any employee or former employee (including any beneficiary or dependent thereof) of Parent, the Company, the Surviving Entity, or any of their respective Subsidiaries or any other Person other than the
parties hereto and their respective successors and permitted assigns, or (c) constitute or be deemed to constitute an amendment to any employee benefit plan sponsored or maintained by Parent, the Company, the Surviving Entity or any of their
respective Subsidiaries. The Securityholders’ Representative shall take such steps as are necessary to allow Continuing Employees to participate in the voluntary employees’ beneficiary association medical plan in which the Company is
currently participating (the “Medical Plan”) through January 1, 2015 (the “Transition Period”). During the Transition Period, the Parent shall cause the Surviving Entity and its Subsidiaries to
collect employee premium contributions for the Medical Plan from the Continuing Employees and transmit such employee premium contributions to the Medical Plan. Additionally, the Surviving Entity and its Subsidiaries shall reimburse the Medical Plan
for the incremental difference between the total claims of the Continuing Employees and their dependents under the Medical Plan and the total employee premium contributions made by 

  
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Continuing Employees during the Transition Period. The Securityholders’ Representative shall calculate such amount as soon as reasonably practicable following the end of the run out period
under the Medical Plan associated with the Transition Period and communicate such amount to the Parent in writing. Parent shall pay such amount or shall cause the Surviving Entity or its Subsidiaries to pay such amount to the Medical Plan within 60
days of receipt of the amount in writing from the Securityholders’ Representative. 
 5.12 Preservation of Books and
Records. Parent agrees that it shall, and Parent agrees that it shall cause the Surviving Entity to, preserve and keep the records held by it, them or their Affiliates relating to the conduct of the respective businesses of the
Company and its Subsidiaries prior to the Closing Date for a period of seven (7) years from the Closing Date and, upon reasonable prior notice, shall provide reasonable access during normal business hours to such records and personnel available
to the Securityholders’ Representative as may be reasonably required by the Securityholders’ Representative in connection with, among other things, any insurance claims by, Proceedings or Tax audits against or governmental investigations
of the Securityholders, Securityholders’ Representative or any of their Affiliates. In the event Parent wishes to destroy such records after such time, Parent shall first give ninety (90) days prior written notice to Securityholders’
Representative and Securityholders’ Representative shall have the right at its option and expense, upon prior written notice given to Parent within that ninety (90) day period, to take possession of the records within ninety (90) days
after the date of such notice. 
 5.13 Jointly Privileged Information. Notwithstanding any other provision in this
Agreement, prior to the Closing, American Capital shall be permitted to remove from the Company and any of its Subsidiaries any email, document and other records containing attorney-client privileged information where the attorney-client privilege
is held jointly between one or more of the Company and any of its Subsidiaries on the one hand, and any of the Seller Group on the other to the extent relating to the Transactions (“Jointly Privileged Information”). From and
after the Closing, Parent shall cause the Company and each of its Subsidiaries to provide American Capital all copies (including electronic, digital, or otherwise) of any Jointly Privileged Information that is inadvertently not removed prior to the
Closing. Any email, document and other record temporarily removed for analysis to determine the presence of Jointly Privileged Information pursuant to the first sentence of this Section 5.13 shall be returned to the Company promptly
following completion of such review if it is determined by American Capital that such email, document or other record does not contain Jointly Privileged Information. 

5.14 Exclusivity. During the period from the date of this Agreement through the earlier to occur of the Closing Date or
the termination of this Agreement pursuant to Article 9, the Company will not, and will not permit any of its Affiliates, directors, officers, employees, representatives or agents to, directly or indirectly, (i) solicit, initiate, or
encourage the submission of any proposal or offer from any Person relating to the acquisition of all or substantially all of the capital stock or assets of the Company taken as a whole (including any acquisition structured as a merger,
consolidation, or share exchange) or (ii) enter into, maintain, or continue discussions or negotiations regarding, or furnish or disclose to any Person any information in connection with any acquisition of all or substantially all of the
capital stock or assets of the Company taken as a whole (including any acquisition structured as a merger, consolidation, or share exchange), and the Company shall not enter into any letter of intent or purchase agreement, merger 

  
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agreement or other similar agreement with any Person other than Parent and Merger Sub with respect to acquisition of all or substantially all of the capital stock or assets of the Company taken
as a whole (including any acquisition structured as a merger, consolidation, or share exchange). 
 5.15 Stockholder
Approval. Immediately following the execution of this Agreement, the Company shall submit this Agreement to its stockholders for adoption and shall use reasonable best efforts to obtain, immediately following execution and delivery of
this Agreement, the Company Required Vote pursuant to the Written Consent. Promptly following receipt of the Written Consent, and no later than one (1) Business Day after the date hereof, the Company shall deliver a copy of such Written Consent
to Parent. 
 5.16 280G Stockholder Vote. Prior to the Closing Date, the Company shall submit to a vote of its stockholders,
in a manner that satisfies the stockholder approval requirements under Section 280G(b)(5)(B) of the Code and regulations promulgated thereunder (a “280G Stockholder Vote”), the right of any “disqualified
individual” (as defined in Section 280G(c) of the Code) to receive any and all payments (or other benefits) contingent on the consummation of the transactions contemplated by this Agreement (within the meaning of
Section 280G(b)(2)(A)(i) of the Code) to the extent necessary so that no payment or benefit received by such “disqualified individual” would be a “parachute payment” under Section 280G(b) of the Code if the stockholders
approve the payment by a vote that complies with Section 280G(b)(5)(B) of the Code. The Company shall (a) at least two (2) Business Days prior to providing (i) the applicable disqualified individuals with any required waivers,
consents or agreements and (ii) the applicable stockholders with any materials necessary to comply with the 280G Stockholder Vote, provide a draft of the applicable materials to Parent and incorporate into such materials any reasonable comments
that are provided by Parent and (b) use commercially reasonable efforts to obtain any required waivers, consents or agreements from each disqualified individual at least one (1) Business Day prior to conducting the 280G Stockholder Vote.
Prior to the Closing, the Company shall provide Parent and its counsel with copies of any and all documents executed by the stockholders and disqualified individuals in connection with the 280G Stockholder Vote. 

ARTICLE 6 
 CLOSING
CONDITIONS 
 6.1 Conditions to Obligations of the Company. The obligation of the Company to consummate and effect
the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by the Company: 

(a) Representations and Warranties. Each representation and warranty of Parent and Merger Sub contained in this Agreement that are
qualified by materiality or “Material Adverse Effect” shall be true and correct in all respects and each representation and warranty of Parent and Merger Sub that are not so qualified shall be true and correct in all material respects
(other than the representations and warranties contained in Sections 4.1, 4.2 and 4.3, which shall be true and correct in all respects), in each case, as of the date of this Agreement and on and as of the Closing Date, except
for those representations and warranties which addressed matters only as of a particular date prior to the date hereof (which representations shall be true and correct as of such particular date). 

  
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 (b) Agreements and Covenants. Parent and Merger Sub shall have performed and complied with
all of its agreements and covenants hereunder in all material respects through the Closing; provided that Parent’s payment obligations under this Agreement shall have been fully complied with and performed in all respects. 

(c) No Judgment. No Proceeding shall be threatened or pending before any Governmental Body or before any arbitrator wherein an
unfavorable injunction, judgment, order, decree, ruling, or charge would (i) prevent or materially delay consummation of any of the Transactions, or (ii) cause any of the Transactions to be rescinded following consummation (and no such
injunction, judgment, order, decree, ruling or charge shall be in effect), and no Law or Judgment of any kind will have been enacted, entered, promulgated or enforced by any Governmental Body that (A) would prevent or materially delay
consummation of any of the Transactions, or (B) cause any of the Transactions to be rescinded following consummation. 
 (d)
Antitrust Laws. All applicable waiting periods (and any extensions thereof) under any applicable Antitrust Laws shall have expired or otherwise been terminated. 

(e) Deliveries. The closing deliveries set forth in Section 7.2 will have been delivered by Parent and/or Merger Sub, as
applicable. 
 6.2 Conditions to Obligations of Parent and Merger Sub. The obligation of Parent and Merger Sub to
consummate and effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by Parent: 

(a) Representations and Warranties. Each of the representations and warranties of the Company contained in this Agreement (other than
the representations and warranties contained in Sections 3.1, 3.2 and 3.4), shall be (i) true and correct in all material respects as of the date hereof and (ii) true and correct on and as of the Closing Date except
where the failure of such representations and warranties to be true and correct, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect. The representations and warranties contained in
Sections 3.1, 3.2 and 3.4 shall be true and correct in all material respects on and as of the date hereof and the Closing Date (without regard to any qualifications therein as to materiality or Material Adverse Effect). 

(b) Agreements and Covenants. The Company shall have performed and complied with all of its agreements and covenants hereunder in all
material respects through the Closing. 
 (c) No Judgment. No Proceeding shall be threatened or pending before any Governmental Body
or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (i) prevent or materially delay consummation of any of the Transactions, or (ii) cause any of the Transactions to be rescinded
following consummation (and no such injunction, judgment, order, decree, ruling or charge shall be in effect), and no Law or Judgment of any kind will have been enacted, entered, promulgated or enforced by any Governmental Body that would
(A) prevent or materially delay consummation of any of the Transactions, or (B) cause any of the Transactions to be rescinded following consummation. 

  
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 (d) Antitrust Laws. All applicable waiting periods (and any extensions thereof) under any
applicable Antitrust Laws shall have expired or otherwise been terminated. 
 (e) Deliveries. The closing deliveries set forth in
Section 7.1 will have been delivered to Parent and Merger Sub. 
 ARTICLE 7 

CLOSING DELIVERIES 
 7.1
Company Deliveries. Concurrently with the Closing, the Company shall deliver to Parent and Merger Sub: 
 (a) the
Certificate of Merger, executed by the Company in accordance with the DGCL; 
 (b) the Escrow Agreement, executed by the
Securityholders’ Representative and the Escrow Agent; 
 (c) written resignations of each board member of the Company and its
Subsidiaries listed on Schedule 7.1(c), effective as of the Closing; 
 (d) payoff letter(s), in customary form and reasonably
acceptable to Parent, relating to the payment of all Indebtedness identified on Schedule 7.1(d); 
 (e) an affidavit issued to
Parent by an officer of the Company as required by Treasury Regulation Section 1.1445-2(c)(3) certifying that the Company has not been a United States real property holding corporation (as the term is defined in the Code and the Treasury
Regulations promulgated in connection therewith) at any time during the five (5) year period ending on the Closing Date in form and substance reasonably satisfactory to Parent; 

(f) a non-solicitation agreement in the form set forth on Exhibit F duly executed by each holder of Company Capital Stock; 

(g) a fully executed and effective release in substantially the form set forth on Exhibit G entered into with each SAR Recipient; and

 (h) a certificate, dated as of the Closing Date and signed by an authorized officer of the Company, to the effect that each of the
conditions specified in Sections 6.2(a) and 6.2(b) has been satisfied. 
 7.2 Parent and Merger Sub Deliveries.
Concurrently with the Closing, Parent and Merger Sub shall deliver: 
 (a) to the Persons identified in Section 2.3, the
payments contemplated by Section 2.3; 

  
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 (b) to the Securityholders’ Representative, the Escrow Agreement, executed by Parent and the
Escrow Agent; 
 (c) to the Securityholders’ Representative, the non-solicitation agreement in the form set forth on Exhibit F
duly executed by Parent; and 
 (d) to the Securityholders’ Representative, a certificate, dated as of the Closing Date and signed by
an authorized officer of Parent and Merger Sub, to the effect that each of the conditions specified above in Sections 6.1(a) and 6.1(b) has been satisfied. 

ARTICLE 8 

INDEMNIFICATION 
 8.1
Securityholder Indemnification Obligation. Subject to the provisions of Section 8.3, from and after the Closing, each Securityholder shall indemnify and hold harmless Parent and its Affiliates (including the
Surviving Entity) and their respective directors, members, officers, equityholders, employees, agents, representatives, successors and assigns (each a “Parent Indemnitee” and, collectively, the “Parent
Indemnitees”) against and from all Damages sustained or incurred by any Parent Indemnitee as a result of or arising from: 

(a) any breach of any representation or warranty made by the Company in Article 3; 

(b) any breach by the Securityholders’ Representative (or prior to the Closing, the Company) of, or failure to comply with, any covenant
or obligation under this Agreement to be performed by the Securityholders’ Representative (or prior to the Closing, the Company); 

(c) (i) all Taxes (or the nonpayment thereof) of the Company and its Subsidiaries for any Pre-Closing Tax Period; (ii) all Taxes of any
member of an affiliated, combined or unitary group of which the Company or any of its Subsidiaries is or was a member prior to the Closing, including pursuant to Treasury Regulation Section 1.1502-6 or any analogous or similar state, local or
foreign Law; (iii) any and all Taxes of any Person (other than the Company or any of its Subsidiaries) imposed on the Company or any of its Subsidiaries as a transferee or successor, by Contract or pursuant to any Law, which Taxes relate to an
event or transaction occurring on or before the Effective Time; provided that the Securityholders shall have no obligation to indemnify the Parent Indemnitees against any Damages consisting of or relating to Taxes (A) resulting from any
transactions outside the ordinary course of business occurring on the Closing Date after the Closing or (B) for any taxable periods the portions thereof beginning after the Closing Date other than with respect to breaches of the representations
and warranties in Section 3.19(l); and 
 (d) any Indebtedness or Transaction Expense of the Company and its Subsidiaries as of
the Closing that is not fully paid on the Closing Date; 
 provided, however, that each Securityholder shall only have a
several (and not joint) obligation of indemnification under this Section 8.1 to the extent of his, her or its Pro Rata Share. 

  
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 8.2 Parent’s Indemnification Obligations. From and after the Closing,
the Parent shall indemnify and hold harmless each Securityholder and its Affiliates and their respective directors, members, officers, equityholders, employees, agents, representatives, successors and assigns (each a “Securityholder
Indemnitee” and, collectively, the “Securityholder Indemnitees”) against and from all Damages sustained or incurred by any Securityholder Indemnitee as a result of or arising from: 

(a) any breach of any representation or warranty made by Parent or Merger Sub in Article 4; and 

(b) any breach by Parent or Merger Sub (or, following the Closing, the Company) of, or failure of Parent or Merger Sub to comply with, any
covenant or obligation under this Agreement to be performed by Parent or Merger Sub (or, after the Closing, the Company). 
 8.3
Limitations on Securityholders’ Indemnification Obligations. Notwithstanding anything to the contrary set forth in this Agreement, the Securityholders’ indemnification obligations pursuant to the provisions of
Section 8.1 are subject to the following limitations and conditions: 
 (a) The Parent Indemnitees shall not be entitled to
indemnification under Section 8.1(a) if, with respect to any individual item of Damages, such item is less than $50,000 (“Minor Claim”); provided that the limitation set forth in this
Section 8.3(a) shall not apply to any breach of the representations and warranties of the Company contained in Sections 3.1 (Organization and Good Standing), 3.2 (Power and Authorization; Enforceability),
3.4 (Capitalization), 3.21 (Brokers) and 3.22 (Stockholder Approval) (collectively, the “Fundamental Representations”). 

(b) The Parent Indemnitees shall not be entitled to indemnification under Section 8.1(a) until the aggregate amount of all Damages
(excluding Minor Claims) for which the Parent Indemnitees are entitled to indemnification thereof exceeds an amount equal to $1,800,000 (the “Deductible”), and then only for the excess over the Deductible; provided
that the limitation set forth in this Section 8.3(b) shall not apply to any breach of a Fundamental Representation. 
 (c) The
Parent Indemnitees shall not be entitled to recover under Section 8.1(a) or, with respect to pre-Closing covenants or obligations, Section 8.1(b) unless a claim has been asserted by written notice specifying in reasonable
detail the nature of the claim and delivered to the Securityholders’ Representative on or prior to the first anniversary of the Closing Date (the “Survival Period”); provided that (i) the representations and
warranties (i) set forth in Sections 3.1 (Organization and Good Standing), 3.2 (Power and Authorization; Enforceability), 3.4 (Capitalization) and 3.22 (Stockholder Approval) shall survive the Closing indefinitely,
and (ii) set forth in Section 3.16 (Employee Benefits) and Section 3.19 (Tax Matters) shall survive until 90 days following the expiration of the applicable statute of limitations, as extended, with respect to the
particular matter that is the subject matter thereof; provided further that if a Parent Indemnitee has validly delivered written notice of a claim for indemnification to the Securityholders’ Representative in accordance with the
foregoing, such indemnification claim shall survive until such claim has been fully and finally resolved. The representations and warranties of Parent and Merger Sub shall survive the Closing. 

  
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 (d) Notwithstanding anything to the contrary in this Agreement, 

(i) the Parent Indemnitees shall not be entitled to recover under Section 8.1(a) to the extent the aggregate amount
of Damages actually paid by or on behalf of Securityholders under Section 8.1(a) to the Parent Indemnitees would exceed the funds held in the Escrow Fund, and such funds shall be the sole and exclusive source of funds to satisfy claims
under this Agreement (except as otherwise expressly set forth in this Section 8.3(d)); and 
 (ii) the foregoing
limitations in clause (i) above shall not apply to Damages relating to arising out of (A) a breach of the Fundamental Representations, (B) a breach of Section 3.19 (Tax Matters), (C) actual fraud or
(D) Sections 8.1(b), 8.1(c) or 8.1(d); provided that Parent Indemnitees must first seek recourse against the Escrow Fund if and to the extent it is available and, to the extent that it is not and the applicable claim
is one for which a remedy beyond the Escrow Fund is available hereunder, each Securityholder shall only have a several, and not joint, obligation of indemnification to the extent of his, her or its Pro Rata Share and, in any event, shall not have
any Liability in connection with this Agreement or the transactions contemplated hereby in an amount that exceeds the cash proceeds actually received by such Securityholder; provided, however, that, notwithstanding the foregoing, any
recovery for the Damages described in Section 8.1(d) by a Parent Indemnitee may, at Parent’s option, be recovered first directly from the Securityholders. 

(e) The Parent Indemnitees shall not be entitled to recover under Section 8.1: to the extent the matter in question, taken
together with all similar matters, (A) does not exceed the amount of any reserves with respect to such matters which are reflected in the Draft Computation as of the Determination Date or (B) is included in the calculation of the
Indebtedness Amount or the Actual Transaction Expenses and, in either case, is paid pursuant to Section 2.3(a). 
 (f) On the
date which is twelve months following the Closing Date, the Escrow Agent shall release to the Securityholders’ Representative the then-remaining Escrow Fund less the aggregate amount of Damages specified in any then-unresolved good faith claims
for indemnification, in accordance with the terms of the Escrow Agreement. 
 (g) For purposes of determining whether there has been a
breach of any representation or warranty under this Agreement and for purposes of determining any Damages, in each case for purposes of indemnification under this Article VIII, such representations and warranties shall be interpreted without
giving effect to any limitations or qualifications such as “materiality,” “material,” “in all material respects,” or “Material Adverse Effect” set forth in any such representation or warranty; provided
that, this Section 8.3(g) shall not apply to the representations and warranties set forth in Sections 3.7 (Financial Statements) or 3.23 (Customers and Suppliers). 

(h) For the avoidance of doubt, no Securityholder shall have any Liability for actions taken by Parent or the Company following the Effective
Time. 

  
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 8.4 Inter-Party Claims. In order for a Parent Indemnitee or a Securityholder
Indemnitee (each, an “Indemnified Party”) to be entitled to indemnification pursuant to this Article 8 from another party to this Agreement, the Indemnified Party shall notify the other party or parties from whom such
indemnification is sought (the “Indemnifying Party”) in writing promptly after the Indemnified Party becomes aware of the occurrence of an event giving rise to such Indemnified Party’s claim for indemnification,
specifying in reasonable detail the basis of such claim; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent the Indemnifying Party shall have been
materially and actually prejudiced as a result of such failure or the indemnification obligations are materially increased as a result of such failure. The Indemnified Party shall thereupon give the Indemnifying Party reasonable access during normal
business hours to the books, records, personnel and assets of the Indemnified Party which evidence or support such claim or the act, omission or occurrence giving rise to such claim. If the Indemnifying Party disputes its liability with respect to
any such claim, the Indemnifying Party and the Indemnified Party shall proceed to negotiate in good faith a resolution of such dispute and, if not resolved through negotiations within 30 days, such dispute shall, subject to the terms of this
Agreement, be resolved by litigation in an appropriate court of competent jurisdiction. 
 8.5 Third Party Claims. 

(a) Promptly following its receipt of written notice of a Third Party Claim, the Indemnified Party shall (i) notify the Indemnifying
Party of its existence, setting forth with reasonable specificity the facts and circumstances of such Third Party Claim to the extent known, and (ii) specifying the basis hereunder upon which the Indemnified Party’s claim for
indemnification is asserted; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent the Indemnifying Party shall have been materially and actually
prejudiced as a result of such failure or the indemnification obligations are materially increased as a result of such failure. 
 (b) The
Indemnified Party shall tender the defense of any Third Party Claim to the Indemnifying Party, and if the Indemnifying Party accepts such tender within thirty (30) days thereafter, then except as herein provided, the Indemnified Party shall
not, and the Indemnifying Party shall, have the right to contest, defend, litigate or settle such Third Party Claim and shall have the right, in its discretion exercised in reasonable good faith and upon the advice of counsel, to settle any such
matter, either before or after the initiation of litigation, at such time and upon such terms as it deems fair and reasonable; provided, however, that the Indemnified Party will only be required to tender the defense of any Third Party
Claim to the extent that (i) the then-available Escrow Fund is sufficient, in the reasonable judgment of the Indemnified Party, to satisfy the amount of any adverse monetary judgment or settlement that is reasonably likely to result;
(ii) the Third-Party Claim seeks (and continues to seek), as its primary remedy, monetary damages; and (iii) the Indemnifying Party expressly agrees in writing that as between the Indemnifying Party and the Indemnified Party, the
Indemnifying Party shall be obligated to satisfy and discharge the Third Party Claim in accordance with the terms set forth in this Agreement (the conditions set forth in clauses (i) through (ii), the “Litigation

  
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Conditions”); provided, further, that the Indemnifying Party, if it shall have assumed the defense of any Third Party Claim, shall not, without the written consent of the
Indemnified Party (such consent not to be unreasonably withheld), consent to a settlement of, or the entry of judgment arising from, any such Third Party Claim which (A) does not include as an unconditional term thereof the giving by the
claimant or plaintiff to the Indemnified Party of a complete release from all Damages in respect of such Third Party Claim, or (B) grants any injunctive or equitable relief. All expenses (including attorneys’ fees) incurred by the
Indemnifying Party in connection with the foregoing shall be paid by the Indemnifying Party; provided that if the Securityholders’ Representative (on behalf of the Seller Group) is the Indemnifying Party and defends against, negotiates,
settles or otherwise handles such Third Party Claim in accordance with this Article 8, the fees and other Damages incurred and paid by the Indemnifying Party in connection therewith shall count toward the limitations or indemnifications set
forth in this Article 8. The Indemnified Party shall have the right to, at its own expense, be represented by counsel and participate in any such contest, defense, litigation or settlement conducted by the Indemnifying Party, and if the
Indemnified Party exercises such right, the parties shall cooperate in the contest, defense, litigation and settlement of the Third Party Claim. If, in the reasonable opinion of counsel to the Indemnified Party, a conflict or potential conflict
exists between the Indemnified Party and the Indemnifying Party that would make separate representation advisable, the Indemnified Party may retain separate counsel at the expense of the Indemnifying Party. The Indemnifying Party shall lose its
right to contest, defend, litigate and settle any Third Party Claim, and shall be liable for all reasonable costs or expenses paid or incurred by the Indemnified Party in connection with assuming the right to contest, defend, litigate and settle
such Third Party Claim, if (A) it shall fail to diligently contest the Third Party Claim or (B) any of the Litigation Conditions cease to be met. If an Indemnified Party is entitled to indemnification with respect to a Third Party Claim,
and the Indemnifying Party fails to accept a tender of the defense of a Third Party Claim pursuant to this Section 8.5, or if the Indemnifying Party does not have or loses its right to contest, defend, litigate and settle such a Third
Party Claim, the Indemnified Party shall have the right, without prejudice to its right of indemnification hereunder, in its discretion exercised in reasonable good faith and upon the advice of counsel, to contest, defend and litigate such Third
Party Claim; provided, that in no event will an Indemnified Party admit any Liability with respect to, compromise, consent to the entry of any judgment or enter into any settlement with respect to any Third Party Claim without the prior
written consent of the Indemnifying Party, such consent not to be unreasonably withheld, conditioned or delayed. If, pursuant to the preceding sentence, the Indemnified Party so contests, defends, litigates or settles a Third Party Claim for which
it is entitled to indemnification hereunder, Damages indemnifiable under this Agreement will include the reasonable attorneys’ fees and other expenses of contesting, defending, litigating and settling the Third Party Claim which are incurred
from time to time, promptly following the presentation to the Indemnifying Party of itemized bills for such attorneys’ fees and other expenses. 

8.6 Mitigation. 

(a) Each Indemnified Party shall take commercially reasonable steps to mitigate all Damages after becoming aware of any event which would
reasonably be expected to give rise to any Damages that are indemnifiable or recoverable hereunder or in connection herewith. 

  
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 (b) The amount of any Damages subject to indemnification hereunder or of any claim therefor shall
be calculated net of (i) any accruals or reserves on the Interim Balance Sheet that relate to the matter(s) for which indemnification is claimed, (ii) any amounts actually recovered by an Indemnified Party pursuant to any indemnification
by or indemnification agreement with any non-affiliated third party (net of all direct collection expenses), (iii) any insurance proceeds or other cash receipts or sources of reimbursement actually received as an offset against such Damages
(net of all direct collection expenses) received or receivable by Parent, Merger Sub or the Surviving Entity or any of their Affiliates on account of such Damages (each such source named in clauses (ii) and (iii), a “Collateral
Source”), and (iv) any Indemnification Tax Benefit inuring to Parent, Merger Sub, the Company, any Subsidiary, or any of their Affiliates on account of such Damages. If Parent, Merger Sub, the Company, any Subsidiary or any of
their Affiliates receives an Indemnification Tax Benefit after an indemnification payment is made, Parent shall promptly pay to the Securityholders’ Representative (on behalf of the Securityholders) the amount of such Indemnification Tax
Benefit at such time or times as and to the extent that such Indemnification Tax Benefit is realized. For purposes hereof, “Indemnification Tax Benefit” means any refund of Taxes paid or reduction in the amount of Taxes which
otherwise would have been paid, in each case computed at the effective tax rates. Parent, Merger Sub, the Surviving Entity and its Subsidiaries shall seek full recovery of any Damages from all Collateral Sources covering such Damages to the same
extent as they would if such Damages were not subject to indemnification hereunder. Parent, Merger Sub, the Surviving Entity and its Subsidiaries shall not terminate or cancel any insurance policies in effect for periods prior to the Closing. In the
event that a recovery from a Collateral Source is made by Parent, Merger Sub, the Surviving Entity, any Subsidiary or any of their Affiliates with respect to any Damages for which any such Person has been indemnified hereunder, then a refund equal
to the aggregate amount of the recovery (net of all direct collection expenses) shall be made promptly to the Securityholders’ Representative (on behalf of the Securityholders). 

(c) Each Person entitled to indemnification hereunder shall take all reasonable steps to mitigate all losses, costs, expenses and damages
after becoming aware of any event which could reasonably be expected to give rise to any losses, costs, expenses and damages that are indemnifiable or recoverable hereunder or in connection herewith. 

8.7 Adjustment of the Merger Consideration. Amounts paid for indemnification under this Article 8 shall be deemed
to be an adjustment to the Merger Consideration for all Tax purposes, unless otherwise required by Law. 
 8.8 Exclusive
Remedy. From and after the Closing, no party shall be liable or responsible in any manner whatsoever to the other parties (or the Indemnified Parties) with respect to any and all monetary claims (other than claims for actual fraud and claims
under Section 2.6) in connection with any breach of this Agreement, except for indemnification provided in this Article 8, which provides the exclusive remedies and causes of action of the parties hereto (or the Indemnified
Parties) with respect to any and all monetary claims in connection with any breach of, arising out of, or in connection with this Agreement, any Disclosure Schedule or other Schedule or Exhibit hereto, the Transaction Documents or any document or
certificate delivered in connection herewith (other than claims for actual fraud and claims under Section 2.6). 

  
 64 

 8.9 No Circular Recovery. Notwithstanding anything to the contrary contained
in this Agreement, no Securityholder or Securityholder Indemnitees shall make any claim for indemnification pursuant to Section 5.4 hereof, or pursuant to the constituent documents of the Company, with respect to any claim brought by any
Parent Indemnitee against any Securityholder or relating to the Transactions or the Transaction Documents. 
 ARTICLE 9 

TERMINATION 
 9.1
Termination of Agreement. The Agreement may be terminated only as provided below: 
 (a) Parent and the Company may
terminate this Agreement by mutual written consent at any time prior to the Closing; 
 (b) By either Parent or the Company, by written
notice to the other, if consummation of any of the Transactions is enjoined, prohibited or otherwise restrained by the terms of a final, non-appealable order or judgment of a court of competent jurisdiction; 

(c) By either Parent or the Company, by written notice to the other, if there shall have been any breach by the other Party (which in the case
of the Company shall also include any breach by Merger Sub) of any representation, warranty or covenant set forth in this Agreement (or if any representation or warranty of the other Party shall have become untrue), which breach (i) would
result in the failure of a condition to the Closing set forth in Sections 6.1(a), 6.1(b), 6.2(a) or 6.2(b), as applicable, in favor of the terminating party and (ii) cannot be cured, or has not been cured within
twenty (20) days following receipt by the breach party of written notice of such breach; 
 (d) By either Parent or the Company, by
written notice to the other, if the Closing shall not have occurred at or before 11:59 p.m. Eastern Time on August 31, 2014; provided, however, that the right to terminate this Agreement under this Section 9.1(d) shall
not be available to any party whose failure to fulfill any of its obligations under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or prior to the aforesaid date or who has failed to satisfy any of the
conditions set forth in Article 6 hereof that such party was required to satisfy; provided that no party shall be entitled to terminate this Agreement during the twenty (20) day cure period referenced in
Section 9.1(c); or 
 (e) By Parent or the Company if the Company does not deliver the Written Consent within six (6) hours
following the execution of this Agreement. 
 Notwithstanding the foregoing, the parties agree that neither Parent nor the Company shall
have any right to terminate this Agreement pursuant to Section 9.1(d) during the pendency of a Proceeding by the other party for specific performance pursuant to Section 10.12. 

9.2 Effect of Termination. If this Agreement is terminated pursuant to Section 9.1 above, all rights and
obligations of the parties hereunder shall terminate without any Liability of any party to any other party (except for any Liability for any willful breach occurring prior to such termination, including the failure of either Party to consummate the
Transactions where the 

  
 65 

 
conditions to such Party’s obligations to close hereunder have been satisfied (or are capable of being satisfied at Closing)); provided, however, that this
Section 9.2, Section 2.7 and Article 10 shall survive termination and Parent shall return or destroy all agreements, documents, contracts, instruments, books, records, materials and other information relating to the
Company or any of its Subsidiaries in connection with this Agreement or the Transaction Documents or the transactions contemplated hereby or thereby. 

ARTICLE 10 
 GENERAL
PROVISIONS 
 10.1 Fees and Expenses. All fees and expenses incurred by Parent or its Affiliates in connection with
the Merger and the other Transactions shall be paid by Parent or such Affiliate, whether or not the Merger is consummated. The Transaction Expenses shall be paid in the manner specified in this Agreement. Notwithstanding the foregoing, (i) all
filing fees and similar expenses incurred in connection with the filings required to be made with any Governmental Body and the Governmental Authorizations to be received, in each case in connection with the Transactions shall be paid by Parent,
(ii) the fees and expenses incurred in connection with the obligations to obtain director and officer insurance set forth in Section 5.4 shall be paid by Parent, and (iii) any and all transfer, sales, use, documentary and
similar Taxes and recording and filing fees incurred in connection with the transactions contemplated by the Transaction Documents shall be paid by Parent. All amounts required to be paid hereunder shall be paid in United States currency and, except
as otherwise expressly set forth in this Agreement, without discount, rebate or reduction and subject to no counterclaim or offset (other than, as specified in the Agreement, withholding tax obligations required to be withheld by law), on the dates
specified herein (with time being of the essence). In addition, notwithstanding anything to the contrary in this Agreement, but subject to the provisions of Section 2.6 (which shall govern any dispute arising thereunder), in the event
any Proceeding is commenced or threatened by any Person (the “Claiming Party”) to enforce its rights under this Agreement against any other Person (the “Defending Party”), if the Defending Party is the
prevailing party in such Proceeding, all fees, costs and expenses, including reasonable attorneys fees and court costs, incurred by the Defending Party in such Proceeding shall be reimbursed by the Claiming Party; provided that, if the
Defending Party prevails in part, and loses in part, in such Proceeding, the court, arbitrator or other adjudicator presiding over such Proceeding shall award a reimbursement of the fees, costs and expenses incurred by the Defending Party on an
equitable basis. 
 10.2 Notices. All notices or other communications permitted or required under this Agreement or the
other Transaction Documents shall be in writing and shall be sufficiently given if and when hand delivered to the Persons set forth below or if sent by documented overnight delivery service or registered or certified mail, postage prepaid, return
receipt requested, or by facsimile, addressed as set forth below or to such other Person or Persons and/or at such other address or addresses as shall be furnished in writing by any party hereto to the other parties hereto. Any such notice or
communication shall be deemed to have been given as of the date received, in the case of personal delivery, or on the date shown on the receipt or confirmation therefor in all other cases. 

  
 66 

 If to Guarantor, Parent or Merger Sub (or the Surviving Entity after the Closing) to: 

 

			
	Nordson Corporation
	28601 Clemens Road
	Westlake, Ohio 44145
	Attention:	 	Robert E. Veillette, Vice President,
		 	General Counsel & Secretary
	Facsimile No.: (440) 892-9253

 With a copy (which shall not constitute notice) to: 

Jones Day 
 North Point 

901 Lakeside Ave. 
 Cleveland,
Ohio 44114 
 Attention: James P. Dougherty 

Facsimile No.: (216) 579-0212 

If, to the Company (prior to Closing): 

Avalon Laboratories Holding Corp. 

2610 E. Homestead Place 
 Rancho
Dominguez, CA 90220 
 Attention: Michael Janish 

Facsimile No.: (310) 761-8665 

With a copy (which shall not constitute notice) to: 

American Capital Equity III, LP 

2 Bethesda Metro Center 

Bethesda, MD 20814 
 Attention:
Eugene Krichevsky and Ryan Sacco 
 Facsimile No.: (301) 654-6714 

With an additional copy (which shall not constitute notice) to: 

Arnold & Porter LLP 

555 12th Street NW 

Washington, DC 20004-1206 

Attention: Andrew Varner 

Facsimile No.: (202) 942-5999 

If to the Securityholders’ Representative, to: 

American Capital Equity III, LP 

2 Bethesda Metro Center 

Bethesda, MD 20814 
 Attention:
Eugene Krichevsky and Ryan Sacco 
 Facsimile No.: (301) 654-6714 

  
 67 

 With a copy (which shall not constitute notice) to: 

Arnold & Porter LLP 

555 12th Street NW 

Washington, DC 20004-1206 

Attention: Andrew Varner 

Facsimile No.: (202) 942-5999 

10.3 Assignment and Benefit. Neither this Agreement nor any of the rights, interests or obligations hereunder may be
assigned, by operation of Law or otherwise, by any party hereto to any other Person without the prior written consent of Parent and the Securityholders’ Representative, and any such attempted assignment shall be null and void; provided,
however, that (a) Parent may assign its rights and obligations under this Agreement in whole or in part to any of its Affiliates, (b) the Securityholders’ Representative may assign its rights and obligations under this
Agreement to any of its Affiliates without the prior written consent of Parent, and (c) after the Closing, any Securityholder may assign this Agreement to any of its beneficial owners or successors by operation of Law; provided, that, no
such assignment shall in any way affect such Securityholder’s obligations or liabilities hereunder. Subject to the foregoing, this Agreement and the rights and obligations set forth herein shall inure to the benefit of, and be binding upon, the
parties hereto, and each of their respective permitted successors, heirs and assigns. 
 10.4 Amendment, Modification and
Waiver. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by Parent, the Company and the Securityholders’ Representative or, after the Closing Date, by
Parent and the Securityholders’ Representative. Any such amendment, modification, extension or waiver shall be in writing. The waiver by a party hereto of any breach of any provision of this Agreement shall not constitute or operate as a waiver
of any other breach of such provision or of any other provision hereof, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. 

10.5 Jurisdiction. This Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without
regard to any applicable conflicts of law provisions (except to the extent that mandatory provisions of federal Law apply). Each of the parties hereby irrevocably submits to the exclusive jurisdiction and venue of the Delaware Court of Chancery (and
if the Delaware Court of Chancery shall be unavailable, any court of the State of Delaware or the United States District Court for the District of the State of Delaware) for the purpose of any Action arising out of this Agreement, or any of the
Transaction Documents, brought by or against any other party hereto or thereto, and hereby irrevocably agrees (a) that all claims in respect of any such Action may be heard and determined in any such court and (b) not to commence any
Action relating to this Agreement in any other court or before any other Governmental Body. Each party irrevocably and unconditionally waives and agrees not to assert in any such Action, in each case to the fullest extent permitted by applicable
Law, (i) any objection to the laying of venue of any such Action brought in any such court, (ii) any claim that such party is not personally subject to the jurisdiction of any such court, or (iii) any claim that any such Action has
been brought in an inconvenient forum (if brought in any such court). Each 

  
 68 

 
party certifies and acknowledges that (A) no Representative of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation under this
Section 10.5, seek to enforce any of the foregoing waivers, (B) it understands and has considered the implications of such waivers and (C) it makes such waivers voluntarily. Each party agrees that service of any process,
summons, notice or document in accordance with the provisions of Section 10.2 shall be effective service of process for any Action brought against such party in any such court. Notwithstanding the foregoing, each party agrees that a
final judgment in any such Action brought in any such court shall be conclusive and binding upon such party and may be enforced in any other court to whose jurisdiction such party is or may be subject, by suit upon such judgment. 

10.6 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 RESPECT TO ANY PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY
OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY PROCEEDING, 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 10.6. 
 10.7
Performance Guaranty; Party Obligations. Parent hereby guarantees the due, prompt and faithful performance and discharge by, and compliance with, all of the obligations, covenants, terms, conditions and undertakings of Merger
Sub at and prior to the Effective Time under this Agreement in accordance with the terms hereof. Whenever this Agreement or any Transaction Document requires Merger Sub to take any action, such requirement shall be deemed to include an undertaking
on the part of Parent to cause Merger Sub to take such action. 
 10.8 Section Headings. The section headings contained
herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 10.9
Severability. If any term or other provision of this Agreement (or portion thereof) or the application of any such term or other provision (or portion thereof) to any Person or circumstance is determined by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced pursuant to any applicable Law or public policy, all other terms and provisions of this Agreement (or remaining portion of such term or other provision) will nevertheless remain in
full force and effect. Upon such determination by a court of competent jurisdiction that any term or other provision (or portion thereof) of this Agreement is invalid, illegal or incapable of being enforced, the parties hereto will negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a legally acceptable manner to the end that Transactions are fulfilled to the greatest extent possible. 

10.10 Counterparts; Third-Party Beneficiaries. This Agreement may be executed in two or more counterparts, including by
facsimile transmission, each of which shall be deemed an 

  
 69 

 
original, and any Person may become a party hereto by executing a counterpart hereof, but all of such counterparts together shall be deemed to be one and the same agreement. This Agreement will
be binding upon and inure solely to the benefit of each party hereto, and, except as otherwise set forth in this Agreement, this Agreement is not intended to nor will confer upon any other Person any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement. Notwithstanding the foregoing, in the event that this Agreement is terminated by the Company pursuant to Sections 9.1(c) or 9.1(d), then (a) the Securityholders, acting through the
Securityholders’ Representative, shall be beneficiaries of this Agreement and, as provided in Section 9.2 and elsewhere in this Agreement, shall be entitled to pursue all available remedies and to seek recovery of all losses,
liabilities, damages, costs and expenses of every kind and nature, including reasonable attorneys’ fees, (b) the Securityholders, acting through the Securityholders’ Representative, shall be beneficiaries of Section 10.12
and (c) from and after the Closing, Section 5.4, Section 5.7(f) and the last sentence of Section 5.11 are made for the benefit of the persons referenced therein, as applicable, and Article 2 and
Article 10 are made for the benefit of the Securityholders. All of the Persons identified in the immediately preceding sentence shall be entitled to enforce such provisions and to avail themselves of the benefits of any remedy for any breach
of such provisions, all to the same extent as if such Persons were signatories to this Agreement. 
 10.11 Entire
Agreement. This Agreement, together with the other Transaction Documents and the Confidentiality Agreement, constitute the entire agreement among the parties hereto with respect to the Transactions and supersede all prior and
contemporaneous agreements and understandings, both written and oral, with respect to the subject matter hereof. The Parties have voluntarily agreed to define their rights, liabilities and obligations respecting the subject matter of this Agreement
exclusively in contract pursuant to the terms and provisions of this Agreement and their sole and exclusive remedies regarding the subject matter of this Agreement shall be remedies available at law or in equity for breach of contract only (as such
remedies may be limited by the express terms of this Agreement). 
 10.12 Specific Performance. The Parties hereto
agree that if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist and Damages would be difficult to
determine, and the Parties shall be entitled to an injunction, specific performance, or other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in
addition to any other remedy at law or in equity. The Parties further agree not to assert that a remedy of injunctive relief, specific performance or other equitable relief is unenforceable, invalid, contrary to law or inequitable for any reason (in
each case, other than contesting the existence of a breach or threatened breach of this Agreement), nor to assert that a remedy of monetary damages would provide an adequate remedy. Each of the Parties hereby waives (a) any defenses in any
action for specific performance, including the defense that a remedy at law would be adequate, and (b) any requirement under any Law to post a bond or other security as a prerequisite to obtaining equitable relief. The election of the Company
to pursue an injunction or specific performance shall not restrict, impair or otherwise limit the Company from subsequently seeking to terminate this Agreement. 

  
 70 

 10.13 Representation of the Company. Each of the parties to this Agreement
hereby acknowledges and agrees, on its own behalf and on behalf of each of its Affiliates and its and their directors, members, partners, officers, employees and Affiliates (and in the case of Parent on behalf of the Parent Indemnitees), that
(i) Arnold & Porter LLP represents and/or has represented the Securityholders and their Affiliates (including American Capital) and/or the Company in other matters, (ii) Arnold & Porter LLP may serve as counsel to any and
all of the current or former Securityholders, the Securityholders’ Representative and their respective Affiliates (individually and collectively, the “Seller Group”), in connection with any matters related to this
Agreement and the Transactions (or the transactions contemplated by the other Transaction Documents), including the negotiation, preparation, execution and delivery of this Agreement and consummation of the Transactions (or the transactions
contemplated by the other Transaction Documents) and any litigation, claim or obligation arising out of or relating to this Agreement or the Transactions (or the transactions contemplated by the other Transaction Documents), and each of the parties
hereto, to the fullest extent permitted by law, consents to the foregoing and irrevocably waives any conflict of interest arising therefrom, on behalf of such party and each of its Affiliates and its and their directors, members, partners, officers,
employees and Affiliates (and in the case of Parent on behalf of the Parent Indemnitees). Parent, Securityholders and the Company (on behalf of itself and its Subsidiaries) also further agree that, as to all communications among Arnold &
Porter LLP, the Company, its Subsidiaries, and the Seller Group that relate in any way to the Transactions (or the transactions contemplated by the other Transaction Documents), the attorney-client privilege and the expectation of client confidence
belongs to the Company and may be controlled by American Capital and shall not pass to or be claimed by Parent, the Surviving Entity or any of its Subsidiaries. Notwithstanding the foregoing, in the event that a dispute arises between Parent, the
Surviving Entity or a Subsidiary and a third party other than a party to this Agreement after the Closing, the Surviving Entity and the Subsidiaries may assert the attorney-client privilege to prevent disclosure of confidential communications by
Arnold & Porter LLP to such third party; provided, however, that neither the Surviving Entity nor any Subsidiary may waive such privilege without the prior written consent of American Capital. The Company, Parent and the
Surviving Entity further agree that Arnold & Porter LLP and its partners and employees are third party beneficiaries of this Section 10.13. 

10.14 Guarantee. Guarantor hereby unconditionally and absolutely guarantees the prompt performance and observation of Parent and
Merger Sub for each and every obligation, covenant and agreement of Parent or Merger Sub to be performed prior to, at or in connection with the Closing, including the full and timely payment by Parent of its payment obligations under
Section 2.3 or upon delivery of a Letter of Transmittal following the Closing pursuant to Section 2.4 (the “Guaranteed Obligations”). The obligations of Guarantor under this Section 10.14 are
continuing and will remain in full force and effect until the Guaranteed Obligations have been performed or paid in full. This is a guarantee of payment, and not of collection, and the Guarantor acknowledges that this guarantee is full and
unconditional, and no release or extinguishment of Parent’s obligations or liabilities (other than in accordance with the terms of this Agreement), whether by decree in any bankruptcy proceeding or otherwise, shall affect the continuing
validity and enforceability of this guarantee, as well as any provision requiring or contemplating performance by the Guarantor. The Guarantor waives, for the benefit of the Company and the Securityholders’ Representative, (a) any right to
require the Company or Securityholders’ Representative, as a condition of payment by the Guarantor, to proceed against 

  
 71 

 
Parent or Merger Sub or pursue any other remedy whatsoever, and (b) to the fullest extent permitted by Law, any defenses or benefits that may be derived from or afforded by Law which limit
the liability of or exonerate guarantors or sureties, except to the extent that any such defense is available to Parent. Guarantor hereby makes the representations and warranties set forth in Sections 4.1 and 4.4, substituting Guarantor for Parent
and Merger Sub, and such representations are hereby incorporated herein, mutatis mutandis. 
 [remainder of page intentionally
blank] 

  
 72 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement, as of the date
first above written. 
  

							
	COMPANY:	 		 	AVALON LABORATORIES HOLDING CORP.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement, as of the date
first above written. 
  

							
	PARENT:	 		 	NORDSON MEDICAL CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
	MERGER SUB:	 		 	ARRIBA MERGER CORP.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
	GUARANTOR:	 		 	NORDSON CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement, as of the date
first above written. 
  

									
	SECURITYHOLDERS	 		 	
	REPRESENTATIVE:	 		 	AMERICAN CAPITAL EQUITY III, LP
		 		 	By:	 	American Capital Equity GP III, LP
		 		 	Its:	 	General Partner
		 		 	By:	 	American Capital Equity Management, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 Disclosure Schedule 

See attached. 

 Schedule A 

Pro Rata Share 
 [Note:
Final version to be delivered to Parent not later than two days prior to the Closing, pursuant to the Merger Agreement] 
  

					
	 SECURITYHOLDER
	  	PERCENTAGE	 
	 American Capital Equity III, LP
	  	 	81.827	% 
	 Excalibur Holdings, Inc.
	  	 	9.570	% 
	 Michael Janish
	  	 	4.107	% 
	 John LeRosen
	  	 	1.484	% 
	 Paul Schmeling
	  	 	0.870	% 
	 Pramil Kumar
	  	 	0.690	% 
	 Dana Rodriguez
	  	 	0.593	% 
	 Delfin Rojas
	  	 	0.252	% 
	 Cesar Lucero
	  	 	0.092	% 
	 Ken Jonkman
	  	 	0.092	% 
	 Rick Shorey
	  	 	0.092	% 
	 Igor Fuks
	  	 	0.084	% 
	 Brooke Basinger
	  	 	0.077	% 
	 Chris Knowlton
	  	 	0.046	% 
	 Dwight Buckholtz
	  	 	0.046	% 
	 Dennis Gonzalez
	  	 	0.038	% 
	 Donald Adams
	  	 	0.038	% 

  
 Schedule A 

 Schedule B 

Net Working Capital Illustration 

Avalon Laboratories - Net Working Capital Illustration 

Example of Net Working Capital Calculation as of April 30, 2014 

(Using information as presented in the monthly management reporting package as of April 30, 2014) 

As of April 30, 2014 
  

																					
	 	  	Unadjusted
Working Capital	 	 	Cash	 	 	Income Tax
Receivable -
Related Party	 	 	Accrued Income
Tax Liability 2	 	  	Adjusted
Working Capital	 
	 Cash
	  	$	9,284,876	  	 	($	9,284,876	) 	 				 				  	$	0	  
	 Accounts Receivable
	  	 	3,674,528	  	 				 				 				  	 	3,674,528	  
	 Income Tax Receivable - Related Party
	  	 	1,241,675	  	 				 	 	(1,241,675	) 	 				  	 	0	  
	 Inventory
	  	 	4,665,854	  	 				 				 				  	 	4,665,854	  
	 Prepaid Expenses and Other
	  	 	435,496	  	 				 				 				  	 	435,496	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total Current Assets
	  	$	19,302,429	  	 	($	9,284,876	) 	 	($	1,241,675	) 	 	$	0	  	  	$	8,775,878	  
						
	 Accounts Payable1
	  	($	1,028,834	) 	 				 				 				  	($	1,028,834	) 
	 Accounts Payable - Related Party
	  	 	0	  	 				 				 				  	 	0	  
	 Accrued Compensation
	  	 	(757,601	) 	 				 				 				  	 	(757,601	) 
						
	 Accrued Income Tax Liability2
	  	 	(603,487	) 	 				 				 	 	603,487	  	  	 	0	  
	 Other Accrued Liabilities
	  	 	(142,852	) 	 				 				 				  	 	(142,852	) 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total Current Liabilities
	  	($	2,532,774	) 	 	$	0	  	 	$	0	  	 	$	603,487	  	  	($	1,929,287	) 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Net Working Capital
	  	$	16,769,654	  	 	($	9,284,876	) 	 	($	1,241,675	) 	 	$	603,487	  	  	$	6,846,591	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 

  

	1 	Excludes any debt related payables or payments of any kind to shareholders. 

	2 	Working capital adjustment not intended to include any tax related items. 

  
 Schedule B 

 Schedule C 

List of Securityholders 
  

	 	•	 	American Capital Equity III, LP 

  

	 	•	 	Excalibur Holdings, Inc. 

  

	 	•	 	Michael Janish 

  

	 	•	 	John LeRosen 

  

	 	•	 	Paul Schmeling 

  

	 	•	 	Pramil Kumar 

  

	 	•	 	Dana Rodriguez 

  

	 	•	 	Delfin Rojas 

  

	 	•	 	Cesar Lucero 

  

	 	•	 	Ken Jonkman 

  

	 	•	 	Rick Shorey 

  

	 	•	 	Igor Fuks 

  

	 	•	 	Brooke Basinger 

  

	 	•	 	Chris Knowlton 

  

	 	•	 	Dwight Buckholtz 

  

	 	•	 	Dennis Gonzalez 

  

	 	•	 	Donald Adams 

  
 Schedule C 

 Exhibit A 

CERTIFICATE OF MERGER 
 See attached. 

  
 Exhibit A 

 Exhibit B 

CERTIFICATE OF INCORPORATION 
 See attached. 

  
 Exhibit B 

 Exhibit C 

ESCROW AGREEMENT 
 See attached. 

  
 Exhibit C 

 Exhibit D 

LETTER OF TRANSMITTAL 
 See attached. 

  
 Exhibit D 

 Exhibit E 

WRITTEN CONSENT 
 See attached. 

  
 Exhibit E 

 Exhibit F 

FORM OF NON-SOLICITATION AGREEMENT 
 See
attached. 

  
 Exhibit F 

 Exhibit G 

FORM OF SAR RECIPIENT RELEASE 
 See attached.

  
 Exhibit GEX-10.3

 Exhibit 10.3 

$100,000,000 TERM LOAN FACILITY 

CREDIT AGREEMENT 
 by
and among 
 NORDSON CORPORATION 

and 
 THE BANKS PARTY
HERETO 
 and 

PNC BANK, NATIONAL ASSOCIATION 

as Administrative Agent 
 and

 PNC CAPITAL MARKETS LLC 

as Lead Arranger and Bookrunner 

Dated as of August 6, 2014 

to be effective on the Effective Date 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
		
	 Article I. DEFINITIONS
	  	 	1	 
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Accounting and Legal Principles, Terms and Determinations
	  	 	18	 
	 Section 1.03
	 	 Terms Generally
	  	 	18	 
		
	 Article II. AMOUNT AND TERMS OF CREDIT
	  	 	19	 
	 Section 2.01
	 	 Amount and Nature of Credit
	  	 	19	 
	 Section 2.02
	 	 Conditions To Loans and Conversion/Continuation of Loans
	  	 	19	 
	 Section 2.03
	 	 Payments, Etc.
	  	 	21	 
	 Section 2.04
	 	 Prepayment
	  	 	22	 
	 Section 2.05
	 	 Fees. Borrower shall pay to Agent the fees set forth in the Agent Fee Letter
	  	 	23	 
	 Section 2.06
	 	 Computation of Interest and Fees; Default Rate
	  	 	23	 
		
	 Article III. INCREASED CAPITAL; TAXES, ETC.
	  	 	23	 
	 Section 3.01
	 	 Increased Costs
	  	 	23	 
	 Section 3.02
	 	 Tax Law, Etc.
	  	 	24	 
	 Section 3.03
	 	 Eurodollar Deposits Unavailable or Interest Rate Unascertainable
	  	 	27	 
	 Section 3.04
	 	 Indemnity
	  	 	28	 
	 Section 3.05
	 	 Changes in Law Rendering Eurodollar Loans Unlawful
	  	 	28	 
	 Section 3.06
	 	 Funding
	  	 	28	 
	 Section 3.07
	 	 Capital Adequacy
	  	 	28	 
	 Section 3.08
	 	 Application of Provisions
	  	 	29	 
	 Section 3.09
	 	 Replacement of Banks
	  	 	29	 
		
	 Article IV. CONDITIONS PRECEDENT
	  	 	30	 
	 Section 4.01
	 	 Loan Documents
	  	 	30	 
	 Section 4.02
	 	 Officer’s Certificate, Resolutions, Organizational Documents
	  	 	30	 
	 Section 4.03
	 	 Legal Opinion
	  	 	30	 
	 Section 4.04
	 	 Good Standing Certificate
	  	 	30	 
	 Section 4.05
	 	 Agent Fee Letter; Legal Fees
	  	 	30	 
	 Section 4.06
	 	 Closing Certificate
	  	 	30	 
	 Section 4.07
	 	 No Material Adverse Change
	  	 	31	 
	 Section 4.08
	 	 Regulatory Approvals
	  	 	31	 
	 Section 4.09
	 	 Avalon Purchase Agreement
	  	 	31	 
	 Section 4.10
	 	 Consummation of Acquisition
	  	 	31	 
	 Section 4.11
	 	 Miscellaneous
	  	 	31	 
		
	 Article V. COVENANTS
	  	 	31	 
	 Section 5.01
	 	 Money Obligations
	  	 	31	 
	 Section 5.02
	 	 Financial Statements
	  	 	31	 

							
	 Section 5.03
	 	 Records
	  	 	33	 
	 Section 5.04
	 	 Franchises
	  	 	33	 
	 Section 5.05
	 	 ERISA Compliance
	  	 	33	 
	 Section 5.06
	 	 Financial Covenants
	  	 	33	 
	 Section 5.07
	 	 Indebtedness
	  	 	33	 
	 Section 5.08
	 	 Liens
	  	 	34	 
	 Section 5.09
	 	 Merger and Sale of Assets
	  	 	35	 
	 Section 5.10
	 	 Acquisitions
	  	 	36	 
	 Section 5.11
	 	 Affiliate Transactions
	  	 	36	 
	 Section 5.12
	 	 Regulations U and X
	  	 	36	 
	 Section 5.13
	 	 Notice
	  	 	36	 
	 Section 5.14
	 	 Environmental Compliance
	  	 	36	 
	 Section 5.15
	 	 Restricted Payments
	  	 	37	 
	 Section 5.16
	 	 Use of Proceeds
	  	 	37	 
	 Section 5.17
	 	 Restrictive Agreements
	  	 	37	 
	 Section 5.18
	 	 Guaranties of Payment; Guaranty Under Material Indebtedness Agreement
	  	 	37	 
	 Section 5.19
	 	 Pari Passu Ranking
	  	 	38	 
	 Section 5.20
	 	 Terrorism Sanctions Regulations
	  	 	38	 
	 Section 5.21
	 	 Most Favored Lender
	  	 	38	 
	 Section 5.22
	 	 Absence of Swaps
	  	 	39	 
		
	 Article VI. REPRESENTATIONS AND WARRANTIES
	  	 	39	 
	 Section 6.01
	 	 Organization; Subsidiary Preferred Equity
	  	 	39	 
	 Section 6.02
	 	 Power and Authority
	  	 	39	 
	 Section 6.03
	 	 Compliance with Laws
	  	 	40	 
	 Section 6.04
	 	 Litigation and Administrative Proceedings
	  	 	40	 
	 Section 6.05
	 	 Title to Assets
	  	 	40	 
	 Section 6.06
	 	 Liens and Security Interests
	  	 	40	 
	 Section 6.07
	 	 Tax Returns
	  	 	41	 
	 Section 6.08
	 	 Environmental Laws
	  	 	41	 
	 Section 6.09
	 	 Employee Benefit Plans
	  	 	41	 
	 Section 6.10
	 	 Consents or Approvals
	  	 	42	 
	 Section 6.11
	 	 Solvency
	  	 	42	 
	 Section 6.12
	 	 Financial Statements
	  	 	42	 
	 Section 6.13
	 	 Regulations
	  	 	42	 
	 Section 6.14
	 	 Investment Company; Holding Company
	  	 	42	 
	 Section 6.15
	 	 Accurate and Complete Statements
	  	 	43	 
	 Section 6.16
	 	 Defaults
	  	 	43	 
	 Section 6.17
	 	 Anti-Terrorism Law Compliance
	  	 	43	 
	 Section 6.18
	 	 Anti-Money Laundering/International Trade Law Compliance
	  	 	43	 
		
	 Article VII. EVENTS OF DEFAULT
	  	 	43	 
	 Section 7.01
	 	 Payments
	  	 	43	 
	 Section 7.02
	 	 Special Covenants and Representations
	  	 	43	 
	 Section 7.03
	 	 Other Covenants
	  	 	44	 
	 Section 7.04
	 	 Representations and Warranties
	  	 	44	 

							
	 Section 7.05
	 	 Cross Default
	  	 	44	 
	 Section 7.06
	 	 ERISA Default
	  	 	44	 
	 Section 7.07
	 	 Change Of Control
	  	 	44	 
	 Section 7.08
	 	 Money Judgment
	  	 	44	 
	 Section 7.09
	 	 Validity of Loan Documents
	  	 	44	 
	 Section 7.10
	 	 Insolvency
	  	 	45	 
		
	 Article VIII. REMEDIES UPON DEFAULT
	  	 	45	 
	 Section 8.01
	 	 Optional Defaults
	  	 	45	 
	 Section 8.02
	 	 Automatic Defaults
	  	 	45	 
	 Section 8.03
	 	 Offsets
	  	 	46	 
	 Section 8.04
	 	 Equalization Provision
	  	 	46	 
		
	 Article IX. THE AGENT
	  	 	46	 
	 Section 9.01
	 	 Appointment and Authorization
	  	 	46	 
	 Section 9.02
	 	 Note Holders
	  	 	46	 
	 Section 9.03
	 	 Consultation With Counsel
	  	 	47	 
	 Section 9.04
	 	 Documents
	  	 	47	 
	 Section 9.05
	 	 Agent and Affiliates
	  	 	47	 
	 Section 9.06
	 	 Knowledge of Default
	  	 	47	 
	 Section 9.07
	 	 Action By Agent
	  	 	47	 
	 Section 9.08
	 	 Notices, Default, Etc.
	  	 	47	 
	 Section 9.09
	 	 Indemnification of Agent
	  	 	47	 
	 Section 9.10
	 	 Successor Agent
	  	 	48	 
	 Section 9.11
	 	 No Reliance on Agent’s Customer Identification Program
	  	 	48	 
	 Section 9.12
	 	 USA Patriot Act
	  	 	48	 
		
	 Article X. MISCELLANEOUS
	  	 	48	 
	 Section 10.01
	 	 Banks’ Independent Investigation
	  	 	48	 
	 Section 10.02
	 	 No Waiver; Cumulative Remedies
	  	 	49	 
	 Section 10.03
	 	 Amendments; Consents
	  	 	49	 
	 Section 10.04
	 	 Notices
	  	 	50	 
	 Section 10.05
	 	 Costs, Expenses and Taxes
	  	 	50	 
	 Section 10.06
	 	 Indemnification
	  	 	50	 
	 Section 10.07
	 	 Obligations Several; No Fiduciary Obligations
	  	 	50	 
	 Section 10.08
	 	 Execution In Counterparts
	  	 	51	 
	 Section 10.09
	 	 Binding Effect; Borrower’ Assignment
	  	 	51	 
	 Section 10.10
	 	 Assignments
	  	 	51	 
	 Section 10.11
	 	 Participations
	  	 	53	 
	 Section 10.12
	 	 Severability Of Provisions; Captions; Attachments
	  	 	54	 
	 Section 10.13
	 	 Investment Purpose
	  	 	54	 
	 Section 10.14
	 	 Entire Agreement
	  	 	54	 
	 Section 10.15
	 	 Governing Law; Submission to Jurisdiction
	  	 	54	 
	 Section 10.16
	 	 Legal Representation of Parties
	  	 	55	 
	 Section 10.17
	 	 JURY TRIAL WAIVER
	  	 	55	 

 LIST OF SCHEDULES AND EXHIBITS 

 

					
	Schedules:
			
	 Schedule 1
	  	-	    	Banks and Commitments
	 Schedule 6.04
	  	-	    	Litigation

  

					
	Exhibits
			
	EXHIBIT A	 	-	 	FORM OF NOTE
	EXHIBIT B	 	-	 	NOTICE OF LOAN
	EXHIBIT C	 	-	 	COMPLIANCE CERTIFICATE
	EXHIBIT D	 	-	 	FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (as the same may from time to time be amended, restated or otherwise modified, this “Agreement”) is dated as
of August [6], 2014 to be effective on the Effective Date (as defined below), among the following: 
 (i) NORDSON
CORPORATION, an Ohio corporation (“Borrower”); 
 (ii) the financial institutions from time to time a party hereto
(including any such institution that becomes a party hereto pursuant to Section 10.10 hereof, collectively, “Banks”, and individually each a “Bank”); 

(iii) PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Banks under this Agreement (in such capacity as
Administrative Agent, “Agent”); and 
 (iv) PNC CAPITAL MARKETS LLC, as Lead Arranger and Bookrunner. 

WITNESSETH: 
 WHEREAS, Borrower
and the Banks desire to contract for the establishment of a One Hundred Million Dollar ($100,000,000) term loan facility, to be made available to Borrower upon the terms and subject to the conditions hereinafter set forth; 

NOW, THEREFORE, it is mutually agreed as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“2011 NYLIM Note Purchase Agreement” shall mean the Note Purchase and Private Shelf Agreement, dated as of June 30, 2011, as
amended, pursuant to which Borrower issued and sold Seventy-Five Million Dollars ($75,000,000) in aggregate principal amount of its Senior Notes and may issue and sell up to an additional One Hundred Five Million Dollars ($105,000,000) of its Senior
Notes. 
 “2012 Senior Note Purchase Agreement” shall mean the Master Note Purchase Agreement, dated as of July 26, 2012,
pursuant to which Borrower issued and sold Two Hundred Million Dollars ($200,000,000) of its Senior Notes. 
 “Acquisition” shall
mean any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of any Person, or any business or division of any Person,
(b) the acquisition of in excess of fifty percent (50%) of the stock (or other equity interest) of any Person, or (c) the acquisition of another Person (other than Borrower or a Subsidiary) by a merger or consolidation or any other
combination with such Person. 

 “Advantage” shall mean any payment (whether made voluntarily or involuntarily, by
offset of any deposit or other indebtedness or otherwise) received by any Bank in respect of the Debt, if such payment results in that Bank having less than its pro rata share of the Debt then outstanding, than was the case immediately before such
payment. 
 “Affiliate” shall mean with respect to any specified Person, any other Person that, directly or indirectly,
controls, is controlled by, or is under common control with such specified Person, and “control” (including the correlative meanings, the terms “controlling”, “controlled by” and “under common control with”)
shall mean the possession, directly or indirectly of, the power to direct or cause the direction of the management and policies of such specified Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent Fee Letter” shall mean the Agent Fee Letter, dated as of August 4, 2014, among Borrower, Agent and PNC Capital Markets
LLC. 
 “Agreement” shall have the meaning provided in the first paragraph hereof. 

“Amendment” shall have the meaning provided in Section 5.21. 

“Anti-Terrorism Law” shall mean any laws relating to terrorism or money laundering, including Executive Order No. 13224, the
USA Patriot Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of the foregoing laws may from time to time be amended,
renewed, extended, or replaced). 
 “Applicable Margin” shall mean: 

(a) for the period from the Closing Date until the first adjustment date pursuant to clause (b) hereafter, 75 basis points
for Eurodollar Loans and 0 basis points for Base Rate Loans; and 
 (b) commencing with the financial statements for FQE
July 31, 2014, the number of basis points set forth in the applicable matrix below, based upon the result of the computation of the Leverage Ratio, shall be used to establish the number of basis points that will go into effect on
October 1, 2014 and thereafter: 
  

					
	 Leverage Ratio
	  	 Eurodollar Margin
	  	 Base Rate Margin

	Greater than 3.25 to 1.00	  	150 basis points	  	50 basis points
	Greater than 2.75 to 1.00, but less than or equal to 3.25 to 1.00	  	125 basis points	  	25 basis points
	Greater than 2.00 to 1.00, but less than or equal to 2.75 to 1.00	  	100 basis points	  	0 basis points
	Greater than 1.25 to 1.00, but less than or equal to 2.00 to 1.00	  	75 basis points	  	0 basis points
	Greater than 0.50 to 1.00, but less than or equal to 1.25 to 1.00	  	62.5 basis points	  	0 basis points
	Less than or equal to .50 to 1.00	  	50 basis points	  	0 basis points

  
 2 

 Changes to the Applicable Margin shall be effective on the first day of the month following the date upon which
Agent received, or, if earlier, Agent should have received, pursuant to Section 5.02(a) and (b) hereof, the financial statements of the Companies. The above matrix does not modify or waive, in any respect, the requirements of
Section 5.06 hereof, the rights of Agent and the Banks to charge the Default Rate, or the rights and remedies of Agent and the Banks pursuant to Article VII and Article VIII hereof. 

“Assignment Agreement” shall mean an Assignment and Assumption Agreement in the form of the attached Exhibit D. 

“Authorized Officer” shall mean (i) in the case of Borrower, its chief executive officer, its chief financial officer, its
treasurer, or any vice president of Borrower designated as an “Authorized Officer” of Borrower for the purpose of this Agreement in an Officer’s Certificate executed by Borrower’s chief executive officer or chief financial
officer and delivered to the Agent and (ii) in the case of the Agent or any Bank, any vice president, senior vice president or person holding an equivalent or greater title of the Agent or any Bank. Any action taken under this Agreement on
behalf of Borrower by any individual who on or after the date of this Agreement shall have been an Authorized Officer of Borrower and whom Agent or any Bank in good faith believes to be an Authorized Officer of Borrower at the time of such action
shall be binding on Borrower even though such individual shall have ceased to be an Authorized Officer of Borrower, and any action taken under this Agreement on behalf of the Agent or any Bank by any individual who on or after the date of this
Agreement shall have been an Authorized Officer of the Agent or such Bank and whom Borrower in good faith believes to be an Authorized Officer of the Agent or such Bank at the time of such action shall be binding on the Agent or such Bank even
though such individual shall have ceased to be an Authorized Officer of the Agent or such Bank. 
 “Avalon” shall mean Avalon
Laboratories Holding Corp., a Delaware corporation. 
 “Avalon Acquisition” shall mean the acquisition by the Borrower of all or
substantially all of the ownership interests of Avalon in accordance with the terms of the Avalon Purchase Agreement. 
 “Avalon
Purchase Agreement” shall mean the Agreement and Plan of Merger dated as of August 1, 2014, by and among Avalon Laboratories Holding Corp., Nordson Medical Corporation, Arriba Merger Corp., American Capital Equity III, LP and Nordson
Corporation pursuant to which the Borrower will acquire Avalon pursuant to a merger effected between Avalon and Arriba Merger Corp. 

“Bank” and “Banks” has the meaning set forth in the first paragraph of this Agreement. 

  
 3 

 “Base Rate” shall mean, for any day, a fluctuating per annum rate of interest equal to
the highest of (a) the Federal Funds Open Rate, plus 0.5%, and (b) the Prime Rate, and (c) the Daily LIBOR Rate, plus 100 basis points (1.0%). Any change in the Base Rate (or any component thereof) shall take effect at
the opening of business on the day such change occurs. 
 “Base Rate Loan” shall mean a Loan described in Section 2.01 hereof
on which Borrower shall pay interest at a rate per annum equal to the sum of the Applicable Margin (from time to time in effect) plus the Base Rate. 

“Borrower” shall have the meaning set forth in the first paragraph of this Agreement. 

“Business Day” shall mean a day of the year on which banks are not required or authorized to close in Cleveland, Ohio, and, if the
applicable Business Day relates to any Eurodollar Loan, on which dealings are carried on in the London interbank eurodollar market. 

“Capital Distribution” shall mean a payment made, liability incurred or other consideration given for the purchase, acquisition,
redemption or retirement of any capital stock or other equity interest of Borrower or any Subsidiary or as a dividend, return of capital or other distribution (other than any stock dividend, stock split or other equity distribution payable only in
capital stock or other equity of Borrower or any Subsidiary of Borrower in respect of Borrower’s or any Subsidiary’s capital stock or other equity interest, including, but not limited to, any Share Repurchase. 

“Cash Equivalent” shall mean any debt instrument that would be deemed a cash equivalent in accordance with GAAP. 

“CEA” shall mean the Commodity Exchange Act (7 U.S.C.§1 et seq.), as amended from time to time, and any successor statute. 

“CFTC” shall mean the Commodity Futures Trading Commission. 

“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued. 
 “Change of Control” shall mean (a) the acquisition of, or, if earlier, the shareholder or director
approval of the acquisition of, ownership or voting control, directly or indirectly, beneficially or of record, on or after the Closing Date, by any Person or group (within the meaning of Rule 13d-3 of the Exchange Act) other than the Current
Management Team, of 

  
 4 

 
shares representing more than fifty percent (50%) of the aggregate ordinary Voting Power represented by the issued and outstanding capital stock of Borrower; (b) the occupation of a
majority of the seats (other than vacant seats) on the board of directors of Borrower by persons who were neither (i) nominated by the board of directors of Borrower nor (ii) appointed by directors so nominated; or (c) the occurrence
of a change of control, or other similar provision, as defined in any Material Indebtedness Agreement. 
 “CIP Regulations” shall
have the meaning provided in Section 9.11 hereof. 
 “Closing Date” shall mean August [6], 2014. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, together with the rules and regulations promulgated thereunder.

 “Commitment” shall mean the obligation hereunder, of each Bank to participate in the making of Loans on the Effective Date up
to the aggregate amount set forth opposite such Bank’s name under the column headed “Commitment Amount” as set forth on Schedule 1 hereto. 

“Commitment Percentage” shall mean, at any time for any Bank, a percentage obtained by dividing such Bank’s Commitment by the
Total Commitment Amount. The Commitment Percentage for each Bank as of the Closing Date is set forth opposite such Bank’s name under the column headed “Commitment Percentage” as described in Schedule 1 hereto. 

“Company” shall mean Borrower or a Subsidiary. 

“Companies” shall mean Borrower and all its Subsidiaries. 

“Compliance Authority” shall mean each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control,
(b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service,
(f) U.S. Justice Department, and (g) SEC. 
 “Compliance Certificate” shall mean a certificate, substantially in the
form of the attached Exhibit C. 
 “Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated” shall mean the
resultant consolidation of the financial statements of Borrower and its Subsidiaries in accordance with GAAP, including principles of consolidation consistent with those applied in preparation of the consolidated financial statements referred to in
Section 5.02(a) and (b) hereof. 
 “Consolidated Depreciation and Amortization Charges” shall mean, for any period, the
aggregate of all depreciation and amortization charges for fixed assets, leasehold improvements and general intangibles (specifically including goodwill) as well as impairments thereof and any 

  
 5 

 
losses traced to the write-off of goodwill, fixed assets, leasehold improvements and general intangibles associated with the disposal or exiting of a business of Borrower or any of its
Subsidiaries for such period, all as determined on a Consolidated basis and in accordance with GAAP. 
 “Consolidated EBIT” shall
mean, for any period, on a Consolidated basis and in accordance with GAAP, Consolidated Net Earnings for such period plus the aggregate amounts deducted in determining such Consolidated Net Earnings in respect of (a) income taxes,
(b) Consolidated Interest Expense, and (c) any non-cash charges. 
 “Consolidated EBITDA” shall mean, for any period,
Consolidated EBIT plus Consolidated Depreciation and Amortization Charges. 
 “Consolidated Interest Expense” shall mean, for any
period, the interest expense of Borrower for such period, as determined on a Consolidated basis and in accordance with GAAP, and shall include that portion of the expenses of a Permitted Receivables Facility that would be the equivalent to interest
expense if Borrower obtained funding in a manner that would give rise to interest expense, in an amount approximately equal to the amount of the Permitted Receivables Facility. 

“Consolidated Net Earnings” shall mean, for any period, the net income (loss) of Borrower for such period, as determined on a
Consolidated basis and in accordance with GAAP. 
 “Consolidated Total Assets” shall mean the book value of all assets of Borrower
and its Subsidiaries, as determined on a Consolidated basis and in accordance with GAAP, based upon the financial statements of Borrower for the most recently completed fiscal quarter. 

“Consolidated Trailing EBITDA” shall mean the sum of (a) Consolidated EBITDA, plus (b)(i) without duplication, the EBITDA of
Subsidiaries acquired by Borrower and its Subsidiaries during the most recently completed four (4) fiscal quarters to the extent that such EBITDA of Subsidiaries acquired is confirmed by audited financial or other information (which other
information need not be audited or auditable) satisfactory to the Agent minus (ii) the EBITDA of Subsidiaries disposed of by Borrower and its Subsidiaries during the most recently completed four (4) fiscal quarters. 

“Consolidated Trailing Interest Expense” shall mean the sum of (a) Consolidated Interest Expense, plus (b)(i) without
duplication, the interest expense of Subsidiaries acquired by Borrower and its Subsidiaries during the most recently completed four (4) fiscal quarters to the extent that such interest expense of such Subsidiaries acquired is confirmed by
audited financial or other information (which other information need not be audited or auditable) satisfactory to the Agent, minus (ii) the interest expense of Subsidiaries disposed of by Borrower and its Subsidiaries during the most recently
completed four (4) fiscal quarters. 
 “Consolidated Trailing Net Earnings” shall mean the sum of (a) Consolidated Net
Earnings, plus (b)(i) without duplication, the Net Earnings of Subsidiaries acquired by Borrower and its Subsidiaries during the most recently completed four (4) fiscal quarters to the extent that such Net Earnings of such Subsidiaries acquired
is confirmed by audited financial or other information (which other information need not be audited or auditable) satisfactory to the Agent, minus (ii) the Net Earnings of Subsidiaries disposed of by Borrower and its Subsidiaries during the
most recently completed four (4) fiscal quarters. 

  
 6 

 “Controlled Group” shall mean Borrower and each Person required to be aggregated with
Borrower under Code Sections 414(b), (c), (m) or (o). 
 “Covered Entity” shall mean Borrower, its Affiliates and
Subsidiaries, all Guarantors, any pledgors of collateral, all owners of the foregoing, and all brokers or other agents of Borrower acting in any capacity in connection with the Loans. 

“Credit Related Fee” shall have the meaning provided in Section 5.21. 

“Current Management Team” shall mean any group comprised of the chief executive officer, the chief operating officer, the chief
financial officer and other senior management of Borrower (or any combination thereof) as in place on the Closing Date, and their respective spouses and children (and/or trusts of which the only beneficiaries are such members of senior management
and their respective spouses and children) or any “group” (within the meaning of Rule 13d under the Exchange Act) that includes at least three (3) of such members of senior management, together with their “affiliates” and
“associates” (within the meaning of Rule 12b-2 under the Exchange Act). 
 “Daily LIBOR Rate” shall mean, for any
day, the rate per annum determined by the Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day. 

“Debt” shall mean, collectively, all Indebtedness incurred by Borrower to Agent and the Banks pursuant to this Agreement and
includes the principal amount of and interest (including any interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allocable in such proceeding) on all Loans
and each extension, renewal or refinancing thereof in whole or in part, the facility fees, other fees and any prepayment fees and other amounts payable hereunder. 

“Default” shall mean any of the events specified in Article VII, whether or not any requirement for such event to become an Event of
Default has been satisfied. 
 “Default Rate” shall mean, with respect to any Loan, a rate per annum equal to two percent
(2%) in excess of the rate otherwise applicable thereto, and, with respect to any other amount, if no rate is specified or available, then two percent (2%) in excess of the Base Rate. 

“Defaulting Bank” shall mean any Bank that (a) has failed, within two Business Days of the date required to be funded or
paid, to pay over to the Agent or any Bank any other amount required to be paid by it hereunder, (b) has become the subject of a Bankruptcy Event or (c) has failed at any time to comply with the provisions of Section 8.04.

 As used in this definition, the term “Bankruptcy Event” means, with respect to any Person, such Person or such
Person’s direct or indirect parent company becoming the subject of a bankruptcy or insolvency proceeding, or having had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged
with the 

  
 7 

 
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the 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 or such Person’s direct or
indirect parent company by a Governmental Authority or instrumentality thereof if, and only if, 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. 

“Depreciation and Amortization Charges” shall mean, with respect to any Person for any period, in accordance with GAAP, the
aggregate of all such charges for fixed assets, leasehold improvements and general intangibles (specifically including goodwill) of such Person as well as impairments thereof and any losses traced to the write-off of goodwill, fixed assets,
leasehold improvements and general intangibles associated with the disposal or exiting of a business by such Person for such period. 

“Derived Eurodollar Rate” shall mean with respect to a Eurodollar Loan, a rate per annum equal to the sum of the Applicable Margin
(from time to time in effect) plus the LIBOR Rate. 
 “Dollar” and the sign “$” shall mean lawful money of the United
States of America. 
 “Dollar Equivalent” shall mean, with respect to any amount of any currency, as of any date of computation,
the equivalent amount of such currency expressed in Dollars. 
 “EBITDA” shall mean for any period, all Net Earnings in accordance
with GAAP for such period, plus the aggregate amounts deducted in determining such Net Earnings in respect of (a) income taxes, (b) interest expense, and (c) Depreciation and Amortization Charges, in accordance with GAAP. 

“Effective Date” shall mean the date after the Closing Date upon which all of the conditions set forth in Article IV of this
Agreement have been met; provided, however that such date shall be a Business Day and if such date does not occur on or before September 8, 2014 this Agreement shall be deemed terminated and the Banks shall have no obligation to make any Loans
hereunder. 
 “Eligible Assignee” shall have the meaning given to such term in Section 10.10(a). 

“Environmental Laws” shall mean all provisions of law, statutes, ordinances, rules, regulations, permits, licenses, judgments,
writs, injunctions, decrees, orders, awards and standards promulgated by the government of the United States of America or any other applicable country or sovereignty or by any state or municipality thereof or by any court, agency, instrumentality,
regulatory authority or commission of any of the foregoing concerning health, safety and protection of, or regulation of the discharge of substances into, the environment. 

  
 8 

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated pursuant thereto. 
 “ERISA Affiliate” shall mean any corporation which is a member
of the same controlled group of corporations as Borrower within the meaning of section 414(b) of the Code, or any trade or business which is under common control with Borrower within the meaning of section 414(c) of the Code. 

“ERISA Event” shall mean (a) the existence of a condition or event with respect to an ERISA Plan that presents a risk of the
imposition of an excise tax or any other liability on Borrower or of the imposition of a Lien on the assets of Borrower or its Subsidiaries; (b) the engagement by a Controlled Group member in a non-exempt “prohibited transaction” (as
defined under ERISA Section 406 or Code Section 4975) or a breach of a fiduciary duty under ERISA that could result in liability to Borrower; (c) the application by a Controlled Group member for a waiver from the minimum funding
requirements of Code Section 412 or ERISA Section 302 or a Controlled Group member is required to provide security under Code Section 401(a)(29) or ERISA Section 307; (d) the occurrence of a Reportable Event with respect to
any Pension Plan as to which notice is required to be provided to the PBGC; (e) the withdrawal by a Controlled Group member from a Multiemployer Plan in a “complete withdrawal” or a “partial withdrawal” (as such terms are
defined in ERISA Sections 4203 and 4205, respectively); (f) the involvement of, or occurrence or existence of any event or condition that makes likely the involvement of, a Multiemployer Plan in any reorganization under ERISA Section 4241;
(g) the failure of an ERISA Plan (and any related trust) that is intended to be qualified under Code Sections 401 and 501 to be so qualified or the failure of any “cash or deferred arrangement” under any such ERISA Plan to meet the
requirements of Code Section 401(k); (h) the taking by the PBGC of any steps to terminate a Pension Plan or appoint a trustee to administer a Pension Plan, or the taking by a Controlled Group member of any steps to terminate a Pension
Plan; (i) the failure by a Controlled Group member or an ERISA Plan to satisfy any requirements of law applicable to an ERISA Plan; (j) the commencement, existence or threatening of a claim, action, suit, audit or investigation with
respect to an ERISA Plan, other than a routine claim for benefits; or (k) any incurrence by or any expectation of the incurrence by a Controlled Group member of any liability for post-retirement benefits under any Welfare Plan, other than as
required by ERISA Section 601, et. seq. or Code Section 4980B, that, as to (a) through (k) above, would reasonably be likely to have or result in a Material Adverse Effect. 

“ERISA Plan” shall mean an “employee benefit plan” (within the meaning of ERISA Section 3(3)) that a Controlled Group
member at any time sponsors, maintains, contributes to, has liability with respect to or has an obligation to contribute to such plan. 

“Eurodollar Loan” shall mean a Loan described in Section 2.01 hereof on which Borrower shall pay interest at a rate based upon
the LIBOR Rate. 
 “Event of Default” shall mean any of the events specified in Article VII, provided that there has been
satisfied any requirement in connection with such event for the giving of notice, or the lapse of time, or the happening of any further condition, event or act. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  
 9 

 “Excluded Taxes” shall mean 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 Bank, 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 Bank, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Bank with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on
which (i) such Bank acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 3.09) or (ii) such Bank changes its lending office, except in each case to the extent that,
pursuant to Section 3.02 amounts with respect to such Taxes were payable either to such Bank’s assignor immediately before such Bank became a party hereto or to such Bank immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 3.02(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Syndicated Credit Agreement” shall mean that certain Credit Agreement dated as of December 9, 2011 by and among
Borrower and the financial institutions party thereto as the same may be amended, modified, restated, supplemented, replaced or refinanced from time to time. 

“Exposure” shall mean, at any time, the sum of the aggregate principal Dollar amount of all Loans outstanding. 

“FATCA” shall mean 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) and any current or future regulations or official interpretations thereof. 

“Federal Funds Effective Rate” for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and
rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the
previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds
Effective Rate for the last day on which such rate was announced. 
 “Federal Funds Open Rate” for any day shall mean the rate per
annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption
“OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Agent (for purposes of this
definition, an “Alternate 

  
 10 

 
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no
longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error); provided however, that if
such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the rate of interest applicable to Base Rate
Loans will change automatically without notice to the Borrower, effective on the date of any such change. 
 “Financial Officer”
shall mean any of the following officers: chief executive officer, president, vice president-finance, chief financial officer, controller or treasurer. Unless otherwise qualified, all references to a Financial Officer in this Agreement shall refer
to a Financial Officer of Borrower. 
 “Foreign Bank” shall mean a Bank that is not a U.S. Person. 

“FQE July 31” shall mean, for any fiscal year of Borrower, Borrower’s fiscal quarter of such year ending on or about
July 31. 
 “GAAP” shall have the meaning given to such term in Section 1.02. 

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

“Guarantor” shall mean a Person that pledges its credit or property in any manner for the payment or other performance of the
indebtedness, contract or other obligation of another and includes (without limitation) any guarantor (whether of payment or of collection), surety, co-maker or co-borrower, endorser or Person that agrees conditionally or otherwise to make any
purchase, loan or investment in order thereby to enable another to prevent or correct a default of any kind. 
 “Guarantor of
Payment” shall mean any Subsidiary that executes and delivers a guaranty of payment after the Closing Date in accordance with the provisions of Section 5.18. 

“including” shall mean, unless the context clearly requires otherwise, “including without limitation”, whether or not so
stated. 
 “Indebtedness” shall mean, for Borrower or any Subsidiary (excluding in all cases trade payables payable in the
ordinary course of business by Borrower or such Subsidiary), without duplication, (a) all obligations to repay borrowed money, direct or indirect, incurred, assumed, or guaranteed, (b) all obligations for the deferred purchase price of
capital assets, in each case, incurred outside of the ordinary course of business, (c) all obligations under conditional sales or other title retention agreements (other than a true consignment), in each case, incurred outside of

  
 11 

 
the ordinary course of business, (d) all obligations (contingent or otherwise) under any letter of credit, bank guarantee or banker’s acceptance (other than commercial, trade or other
letters of credit and/or bank guarantees entered into in connection with customer or supplier relationships in the ordinary course business), (e) all synthetic leases, (f), all obligations of Borrower or such Subsidiary with respect to the
repurchase of assets under asset securitization financing programs, including but not limited to, the Permitted Receivables Facility, and (g) all material obligations arising outside the ordinary course of business to advance funds to, or to
purchase assets, property or services from, any other Person in order to maintain the financial condition of such Person. 

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

“Interest Adjustment Date” shall mean the last day of each Interest Period. 

“Interest Coverage Ratio” shall mean, for the most recently completed four (4) fiscal quarters of Borrower, on a Consolidated
basis and in accordance with GAAP, the ratio of (a) Consolidated Trailing EBITDA to (b) Consolidated Trailing Interest Expense, as determined as of the conclusion of most recently completed fiscal quarter in accordance with Borrower’s
customary financial reporting practices. 
 “Interest Period” shall mean, with respect to a Eurodollar Loan, a period of one
(1) week or one (1), two (2), three (3) or six (6) months, as selected by Borrower in accordance with Section 2.02 hereof, commencing on the applicable date of borrowing or conversion of such Eurodollar Loan and on each Interest
Adjustment Date with respect thereto; provided, however, that if any such period would be affected by a prepayment or conversion rights or obligations as provided in Section 2.01 or Section 3.05 hereof, or maturity of Eurodollar Loans as
provided in Section 2.01 hereof, Borrower shall not select a period that extends beyond the date of such prepayment, conversion or maturity; if Borrower fails to select a new Interest Period with respect to an outstanding Eurodollar Loan at
least three (3) Business Days prior to the Interest Adjustment Date applicable to such Eurodollar Loan, Borrower shall be deemed to have converted such Eurodollar Loan to a Base Rate Loan at the end of the then current Interest Period. 

“Leverage Ratio” shall mean, at any time, for the most recently completed four (4) fiscal quarters of Borrower, on a
Consolidated basis and in accordance with GAAP, the ratio of (a)(i) Total Indebtedness minus (ii) the aggregate amount of cash, Cash Equivalents and other marketable securities of Borrower and its Subsidiaries that are not subject to a Lien
(other than a Lien in favor of the Agent for the benefit of the Banks) as set forth on the financial statements of Borrower and its Subsidiaries for the most recently completed fiscal quarter to (b) Consolidated Trailing EBITDA, all as
determined as of the conclusion of most recently completed fiscal quarter in accordance with Borrower’s customary financial reporting practices. 

“LIBOR Rate” shall mean, with respect to a Eurodollar Loan for any Interest Period, the interest rate per annum determined by the
Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate 

  
 12 

 
which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit
market), or the rate which is quoted by another source selected by the Administrative Agent as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London interbank
deposit market (for purposes of this definition, an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for
U.S. Dollars for an amount comparable to such Eurodollar Loan and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute
page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the LIBOR Reserve
Percentage. 
 The LIBOR Rate shall be adjusted with respect to any Eurodollar Loan that is outstanding on the effective date of any change
in the LIBOR Reserve Percentage as of such effective date. The Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error. 

“LIBOR Reserve Percentage” shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of
Governors of the Federal Reserve System (or any successor) for determining the net reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as
“Eurocurrency Liabilities”). 
 “Lien” shall mean any mortgage, security interest, lien (statutory or other), charge,
encumbrance on, pledge or deposit of, or conditional sale, leasing, sale with a right of redemption or other title retention agreement and any capitalized lease with respect to any (real or personal) or asset. 

“Loan” shall mean a loan made by the Banks to Borrower pursuant to Section 2.01 hereof. 

“Loan Documents” shall mean, collectively, this Agreement, each Note, each guaranty agreement delivered pursuant to
Section 5.18 (if any), the Agent Fee Letter and any other documents relating to any of the foregoing, as any of the foregoing may from time to time be amended, restated or otherwise modified or replaced. 

“Loan Party” shall mean Borrower and each Guarantor. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, property or condition
(financial or otherwise) of Borrower and its Subsidiaries taken as a whole, or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights and remedies of the Agent of the Banks hereunder or thereunder.

 “Material Indebtedness Agreement” shall mean any debt instrument, lease (capital, operating or otherwise), guaranty, contract,
commitment, agreement or other arrangement 

  
 13 

 
evidencing any Indebtedness of Borrower or any Subsidiary in an amount equal to or greater than the greater of (i) Fifty Million Dollars ($50,000,000) and (ii) an amount equal to five
percent (5%) of Consolidated Total Assets. 
 “Maturity Date” shall mean the date that is 364 days after the Effective Date.

 “MFL Provision” shall have the meaning provided in Section 5.21. 

“Multiemployer Plan” shall mean a Pension Plan that is subject to the requirements of Subtitle E of Title IV of ERISA. 

“Net Earnings” shall mean, for any period, the net income (loss) for such period, determined in accordance with GAAP. 

“Non-Consenting Bank” shall mean any Bank that does not approve any consent, waiver or amendment that (i) requires the approval
of all affected Banks in accordance with the terms of Section 10.03 and (ii) has been approved by the Required Banks. 

“Nordson Holdings S.a.r.l.- BTMU Credit Agreement” shall mean that certain Credit Agreement dated as of August 23, 2013, by and
among Nordson Holdings S.a.r.l. & Co. KG, as borrower, Nordson Corporation, as parent guarantor, the banks party thereto, and The Bank of Tokyo-Mitsubishi UFJ, LTD., as administrative agent. 

“Note” shall mean any note delivered pursuant to Section 2.01 of this Agreement. 

“Note Purchase Agreements” shall mean, collectively, the 2011 NYLIM Note Purchase Agreement and the 2012 Senior Note Purchase
Agreement. 
 “Notice of Loan” shall mean a Notice of Loan in the form of the attached Exhibit B. 

“Obligor” shall mean (a) a Person whose credit or any of whose property is pledged to the payment of the Debt and includes,
without limitation, any Guarantor, and (b) any signatory to a Related Writing. 
 “Organizational Documents” shall mean, with
respect to any Person (other than an individual), such Person’s Articles (Certificate) of Incorporation, or equivalent formation documents, and Regulations (Bylaws), or equivalent governing documents, and any amendments to any of the foregoing.

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

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, 

  
 14 

 
delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.09). 

“Participant” shall have the meaning provided to such term in Section 10.11(a). 

“Participant Register” shall have the meaning specified in Section 10.11(c). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor or replacement entity thereto under ERISA. 

“Pension Plan” shall mean an ERISA Plan that is a “pension plan” (within the meaning of ERISA Section 3(2)). 

“Permitted Receivables Facility” shall mean an accounts receivable facility whereby Borrower or its Subsidiaries sell or transfer
the accounts receivables of Borrower or its Subsidiaries to the Receivables Subsidiary which in turn transfers to a buyer, purchaser or lender undivided fractional interests in such accounts receivable, so long as (a) no portion of the
Indebtedness or any other obligation (contingent or otherwise) under such Permitted Receivables Facility is guaranteed by Borrower or any Subsidiary, (b) there is no recourse or obligation to Borrower or any Subsidiary (other than the
Receivables Subsidiary) whatsoever other than pursuant to customary representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with such Permitted Receivables Subsidiary, and (c) neither
Borrower nor any Subsidiary (other than the Receivables Subsidiary) provides, either directly or indirectly, any other credit support of any kind (excluding credit insurance or similar third party credit support obtained in the ordinary course of
business) in connection with such Permitted Receivables Facility other than as set forth in subpart (b) of this definition. 

“Person” shall mean any individual, sole proprietorship, partnership, joint venture, unincorporated organization, corporation,
limited liability company, institution, trust, estate, government or other agency or political subdivision thereof or any other entity. 

“Plan” shall mean any employee pension benefit plan (as such term is defined in section 3 of ERISA) which is or has been established
or maintained, or to which contributions are or have been made, by Borrower or any ERISA Affiliate. 
 “Prime Rate” shall mean the
interest rate established from time to time by Agent as Agent’s prime rate, whether or not such rate is publicly announced; the Prime Rate may not be the lowest interest rate charged by Agent for commercial or other extensions of credit. Each
change in the Prime Rate shall be effective immediately from and after such change. 
 “Priority Indebtedness” shall mean, without
duplication, the sum of (a) all Indebtedness of Subsidiaries permitted by Section 5.07(i) and (b) all Indebtedness of Borrower secured by any Liens permitted by Section 5.08(g). 

“Published Rate” shall mean the rate of interest published each Business Day in The Wall Street Journal “Money
Rates” listing under the caption “London Interbank Offered Rates” for a 

  
 15 

 
one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London
interbank deposit market for a one month period as published in another publication selected by the Agent). 
 “Receivables Related
Assets” shall mean accounts receivable, instruments, chattel paper, obligations, general intangibles and other similar assets, in each case relating to receivables subject to the Permitted Receivables Facility, including interests in
merchandise or goods, the sale or lease of which gave rise to such receivables, related contractual rights, guaranties, insurance proceeds, collections and proceeds of all of the foregoing. 

“Receivables Subsidiary” shall mean a Wholly-Owned Subsidiary of Borrower that is established as a “bankruptcy remote”
Subsidiary for the sole purpose of acquiring and selling accounts receivable under the Permitted Receivables Facility and that shall not engage in any activities other than in connection with the Permitted Receivables Facility. 

“Recipient” shall mean (a) the Agent and (b) any Bank, as applicable. 

“Related Writing” shall mean each Loan Document and any other assignment, mortgage, security agreement, guaranty agreement,
subordination agreement, financial statement, audit report or other writing furnished by Borrower, any Subsidiary or any Obligor, or any of their respective officers, to the Banks pursuant to or otherwise in connection with this Agreement. 

“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned,
investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances
implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law. 
 “Reportable Event”
shall mean a reportable event as that term is defined in Title IV of ERISA, except actions of general applicability by the Secretary of Labor under Section 110 of such Act. 

“Required Banks(s)” shall mean the holders of greater than fifty percent (50%) of the aggregate principal amount of those
outstanding Loans. The Exposure of any Defaulting Bank shall be disregarded in determining Required Banks at any time. 
 “Restricted
Payment” shall mean, with respect to Borrower or any Subsidiary, (a) any Capital Distribution, or (b) any amount paid by Borrower in repayment, redemption, retirement, repurchase, direct or indirect, of any Subordinated Indebtedness.

 “Sanctioned Country” shall mean a country subject to a sanctions program maintained by any Compliance Authority. 

“Sanctioned Person” shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially
designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the 

  
 16 

 
blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program
maintained by any Compliance Authority. 
 “SEC” shall mean the United States Securities Exchange Commission. 

“Share Repurchase” shall mean the purchase, repurchase, redemption or other acquisition by Borrower from any Person of any capital
stock or other equity interest of Borrower. 
 “Subordinated”, as applied to Indebtedness, shall mean that the Indebtedness has
been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to the Agent and the Required Banks) in favor of the prior payment in full of the Debt. 

“Subordinated Indebtedness” shall mean, for Borrower or any Subsidiary any Indebtedness that is Subordinated. 

“Subsidiary” of Borrower or any of its Subsidiaries shall mean (i) a corporation more than fifty percent (50%) of the
Voting Power of which is owned, directly or indirectly, by Borrower or by one or more other Subsidiaries of Borrower or by Borrower and one or more Subsidiaries of Borrower, (ii) a partnership or limited liability company of which Borrower, one
or more other Subsidiaries of Borrower or Borrower and one or more Subsidiaries of Borrower, directly or indirectly, is a general partner or managing member, as the case may be, that, or otherwise, has the power to direct the policies, management
and affairs thereof, or (iii) any other Person (other than a corporation) in which Borrower, one or more other Subsidiaries of Borrower or Borrower and one or more Subsidiaries of Borrower, directly or indirectly, has at least a majority
interest in the Voting Power or the power to direct the policies, management and affairs thereof. 
 “Swap” shall mean any
“swap” as defined in Section 1a(47) of the CEA and regulations thereunder, other than (a) a swap entered into, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or
(b) a commodity option entered into pursuant to CFTC Regulation 32.3(a). 
 “Taxes” shall mean 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. 

“Total Commitment Amount” shall mean the principal amount of One Hundred Million Dollars ($100,000,000). 

“Total Indebtedness” shall mean, at any time, on a Consolidated basis, all Indebtedness of Borrower, including, but not limited to,
current, long-term and Subordinated Indebtedness, if any, and all Indebtedness under the Permitted Receivables Facility. 
 “USA
Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001. 

  
 17 

 “U.S. Person” shall mean any Person that is a “United States Person” as
defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
paragraph Section 3.02(f). 
 “Voting Power” shall mean, with respect to any Person, the exclusive ability to control,
through the ownership of shares of capital stock, partnership interests, membership interests or otherwise, the election of members of the board of directors or other similar governing body of such Person, and the holding of a designated percentage
of Voting Power of a Person means the ownership of shares of capital stock, partnership interests, membership interests or other interests of such Person sufficient to control exclusively the election of that percentage of the members of the board
of directors or similar governing body of such Person. 
 “Welfare Plan” shall mean an ERISA Plan that is a “welfare
plan” within the meaning of ERISA Section 3(l). 
 “Wholly-Owned Subsidiary” shall mean, with respect to any Person, any
corporation, limited liability company or other entity, except for director’s qualifying shares or shares required to be owned individually due to country specific regulations regarding ownership or control of the organization or operation of
such entity, all of the securities or other ownership interest of which having ordinary voting power to elect a majority of the board of directors, or other persons performing similar functions, are at the time directly or indirectly owned by such
Person. 
 Section 1.02 Accounting and Legal Principles, Terms and Determinations. All references in this Agreement to
“generally accepted accounting principles” or “GAAP” shall be deemed to refer to generally accepted accounting principles in effect in the United States at the time of application thereof. Interim financial statements otherwise
prepared in accordance with GAAP shall be deemed to comply with such principles subject to year-end adjustments and notwithstanding the absence of footnotes Unless otherwise specified herein, all accounting terms used herein shall be interpreted,
all determinations with respect to accounting matters hereunder shall be made, and all unaudited consolidated financial statements and certificates and reports as to financial matters required to be furnished hereunder shall be prepared, in
accordance with generally accepted accounting principles applied on a basis consistent with the most recent audited consolidated financial statements of Borrower and its Subsidiaries made available pursuant to Section 5.02(b) or, if no such
statements have been so delivered, the most recent audited financial statements referred to in Section 5.02(a). Any reference herein to any specific citation, section or form of law, statute, rule or regulation shall refer to such new,
replacement or analogous citation, section or form should such citation, section or form be modified, amended or replaced. 

Section 1.03 Terms Generally. The foregoing definitions shall be applicable to the singular and plurals of the foregoing defined
terms. 

  
 18 

 ARTICLE II. 

AMOUNT AND TERMS OF CREDIT 

Section 2.01 Amount and Nature of Credit. Subject to the terms and conditions of this Agreement, each Bank, for itself and not one
for any other, agrees to participate in Loans made hereunder on the Effective Date. 
 Borrower shall have the option to choose any
combination of (a) Base Rate Loans, or (b) Eurodollar Loans. No Loans may be borrowed until the Effective Date and no Loans may be borrowed after the Effective Date. Borrower shall be entitled to repay Loans in whole or in part, but once
repaid a Loan may not be re-borrowed. 
 The obligation of each Bank to make Loans to the Borrower shall be in the proportion that such
Bank’s Commitment bears to the Commitments of all Banks to the Borrower, but each Bank’s Loan to the Borrower shall never exceed its Commitment. The failure of any Bank to make a Loan shall not relieve any other Bank of its obligations to
make a Loan nor shall it impose any additional liability on any other Bank hereunder. The Banks shall have no obligation to make Loans hereunder until the Effective Date. The Banks shall have no obligation to make Loans hereunder after the Effective
Date. The Commitments are not revolving credit commitments, and the Borrower shall not have the right to borrow, repay and reborrow under this Section 2.01. The Loans shall be due and payable on the Maturity Date. 

Borrower shall pay interest on the unpaid principal amount of Base Rate Loans made to it outstanding from time to time from the date thereof
until paid at the Base Rate from time to time in effect. Interest on such Base Rate Loans shall be payable on the last day of each September, December, March and June of each year and at the maturity thereof. 

Borrower shall pay interest on the unpaid principal amount of each Eurodollar Loan made to it outstanding from time to time, fixed in advance
on the first day of the Interest Period applicable thereto through the last day of the Interest Period applicable thereto (but subject to changes in the Applicable Margin), at the Derived Eurodollar Rate. Interest on such Eurodollar Loans shall be
payable on each Interest Adjustment Date (provided that if an Interest Period exceeds three (3) months, the interest must be paid every three (3) months, commencing three (3) months from the beginning of such Interest Period). 

At the request of Borrower to Agent, subject to the notice and other provisions of Section 2.02 hereof, the Banks shall convert
outstanding Base Rate Loans to Eurodollar Loans at any time and shall convert outstanding Eurodollar Loans to Base Rate Loans on any Interest Adjustment Date. 

The obligation of Borrower to repay Loans made to it by each Bank pursuant to this Section 2.01 and to pay interest thereon shall be
evidenced by a Note of Borrower in the form of Exhibit A hereto, payable to the order of such Bank in the principal amount of its Commitment. 

Section 2.02 Conditions To Loans and Conversion/Continuation of Loans. The obligation of the Banks to make, continue or convert
any Loan, is conditioned, in the case of the borrowing, conversion or continuation hereunder, upon: 
 (a) all conditions precedent as
listed in Article IV hereof shall have been satisfied; 

  
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 (b) with respect to Base Rate Loans, receipt by Agent of a Notice of Loan, such notice to be
received by 11:00 A.M. (Cleveland, Ohio time) on the proposed date of borrowing or conversion, and, with respect to Eurodollar Loans, by 11:00 A.M. (Cleveland, Ohio time) three (3) Business Days prior to the proposed date of borrowing,
conversion or continuation. Agent shall notify each Bank of the date, amount and initial Interest Period (if applicable) promptly upon the receipt of such notice, and, in any event, by 2:00 P.M. (Cleveland, Ohio time) on the date such notice is
received. On the date such Loan is to be made, each Bank shall provide Agent, not later than 3:00 P.M. (Cleveland, Ohio time), with the amount in federal or other immediately available funds, required of it. If Agent elects to advance the proceeds
of such Loan prior to receiving funds from such Bank, Agent shall have the right, upon prior notice to Borrower, to debit any account of the Borrower or otherwise receive from Borrower, on demand, such amount, in the event that such Bank fails to
reimburse Agent in accordance with this subsection. Agent shall also have the right to receive interest from such Bank at the Federal Funds Effective Rate in the event that such Bank shall fail to provide its portion of the Loan on the date
requested and Agent elects to provide such funds; 
 (c) Borrower’s request for (i) a Base Rate Loan shall be in an amount of not
less than One Million Dollars ($1,000,000), increased by increments of Five Hundred Thousand Dollars ($500,000); or (ii) a Eurodollar Loan shall be in an amount of not less than Five Million Dollars ($5,000,000), increased by increments of One
Million Dollars ($1,000,000); 
 (d) the fact that no Default or Event of Default shall then exist or immediately after the making,
conversion or continuation of the Loan would exist; 
 (e) the fact that each of the representations and warranties contained in Article VI
hereof shall be true and correct with the same force and effect as if made on and as of the date of the making, conversion, or continuation of such Loan, except to the extent that any thereof expressly relate to an earlier date; and 

(f) the proceeds of such Loans will be used to (i) finance, in whole or in part, the Avalon Acquisition to the extent made in compliance
with the provisions of this Agreement, and (ii) pay fees and expenses related to this Agreement and the Avalon Acquisition Documents to the extent the Borrower elects not to pay such fees and expenses from cash on hand or other liquid assets.

 At no time shall Borrower request that Eurodollar Loans be outstanding for more than ten (10) different Interest Periods, at any
time, and, if Base Rate Loans are outstanding, then Eurodollar Loans shall be limited to nine (9) different Interest Periods. 
 Each
request by Borrower for the conversion or continuation of a Loan hereunder shall be deemed to be a representation and warranty by Borrower as of the date of such request as to the facts specified in (d), (e) and (f) above. 

Each request for a Eurodollar Loan shall be irrevocable and binding on Borrower and Borrower shall indemnify Agent and the Banks against any
loss or expense incurred by Agent or 

  
 20 

 
the Banks as a result of any failure by Borrower to consummate such transaction including, without limitation, any loss (including loss of anticipated profits) or expense incurred by reason of
liquidation or re-employment of deposits or other funds acquired by the Banks to fund such Eurodollar Loan. A certificate as to the amount of such loss or expense submitted by the Banks to Borrower shall be conclusive and binding for all purposes,
absent manifest error. 
 Section 2.03 Payments, Etc. 

(a) Payments Generally. Each payment made hereunder by Borrower shall be made without any offset, abatement, recoupment, counterclaim,
withholding or reduction whatsoever. 
 (b) Payments in Dollars. With respect to (i) any Loan, or (ii) any other payment to
Agent and the Banks that is not covered by subsection (a) hereof, all such payments (including prepayments) to Agent and the Banks of the principal of or interest on such Loan or other payment, including but not limited to principal, interest,
fees or any other amount owed by Borrower under this Agreement, shall be made in Dollars. All payments described in this subsection (b) shall be remitted to Agent at its main office for the account of the Banks not later than 11:00 A.M.
(Cleveland, Ohio time) on the due date thereof in immediately available funds. Any such payments received by Agent after 11:00 A.M. (Cleveland, Ohio time) shall be deemed to have been made and received on the next following Business Day. 

(c) Payments Net of Taxes. All payments under this Agreement or any other Loan Document by Borrower or any other Obligor shall be made
absolutely net of, without deduction or offset for, and altogether free and clear of, any and all present and future taxes, levies, deductions, charges and withholdings and all liabilities with respect thereto, under the laws of the United States of
America or any foreign jurisdiction (or any state or political subdivision thereof), excluding income and franchise taxes imposed on any Bank (and withholding relating thereto) other than such income or franchise taxes arising solely from such Bank
having executed, delivered or performed its obligations or received a payment under, or enforced the Loan Documents, under the laws of the United States of America or any foreign jurisdiction (or any state or political subdivision thereof). If
Borrower or other Obligor is compelled by law to deduct any such taxes or levies (other than such excluded taxes) or to make any such other deductions, charges or withholdings, then Borrower or such Obligor, as the case may be, shall pay such
additional amounts as may be necessary in order that the net payments after such deduction, and after giving effect to any United States or foreign jurisdiction (or any state or political subdivision thereof) income taxes required to be paid by the
Banks in respect of such additional amounts, shall equal the amount of interest provided in Section 2.01 hereof for each Loan plus any principal then due. In each such case, Borrower shall provide to the applicable Bank evidence demonstrating
that such taxes or levies have been paid. 
 (d) Payments to Banks. Upon Agent’s receipt of payments hereunder, Agent shall
immediately distribute to each Bank its ratable share, if any, of the amount of principal, interest, and fees received by it for the account of such Bank. Each Bank shall record any principal, interest or other payment, the principal amounts of Base
Rate Loans and Eurodollar Loans, all prepayments and the applicable dates, including Interest Periods, with respect to the Loans made, and payments received by such Bank, by such method as such Bank may generally

  
 21 

 
employ; provided, however, that failure to make any such entry shall in no way detract from the obligations of Borrower under the Notes. The aggregate unpaid amount of Loans, types of Loans,
Interest Periods and similar information with respect to such Loans set forth on the records of Agent shall be rebuttably presumptive evidence with respect to such information, including the amounts of principal and interest owing and unpaid with
respect to each Loan. 
 (e) Timing of Payments. Whenever any payment to be made hereunder, including, without limitation, any
payment to be made on any Note, shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in each case be included in the computation of the
interest payable on such Note; provided, however, that, with respect to any Eurodollar Loan, if the next succeeding Business Day falls in the succeeding calendar month, such payment shall be made on the preceding Business Day and the relevant
Interest Period shall be adjusted accordingly. 
 Section 2.04 Prepayment. 

(a) Right to Prepay. Borrower shall have the right, at any time or from time to time, to prepay, on a pro rata basis for all of the
Banks, all or any part of the principal amount of the Loans then outstanding, as designated by Borrower, plus interest accrued on the amount so prepaid to the date of such prepayment; and 

(b) Prepayment Fees. 

(i) Prepayments of Base Rate Loans shall be without any premium or penalty; 

(ii) In any case of prepayment (or, any assignment pursuant to Section 3.09(ii)) of a Eurodollar Loan, Borrower agrees that if the
reinvestment rate with respect to the amount of such Eurodollar Loan, as quoted by the money desk of Agent (the “Reinvestment Rate”), shall be lower than the LIBOR Rate applicable to the Eurodollar Loan that is intended to be prepaid
(hereinafter, “Last LIBOR”), then the Borrower shall, upon written notice from Agent, promptly pay to Agent, for the account of each Bank, in immediately available funds, a prepayment fee equal to the product of (A) a rate (the
“Prepayment Rate”) which shall be equal to the difference between the Last LIBOR and the Reinvestment Rate, times (B) the prepayment principal amount of the Eurodollar Loan that is to be prepaid, times (C) (1) the number of
days remaining in the Interest Period of the Eurodollar Loan that is to be prepaid divided by (2) three hundred sixty (360) but no additional premium or penalty shall apply. In addition, Borrower shall immediately pay directly to Agent,
for the account of the Banks, the amount of any additional costs or expenses (including, without limitation, cost of telex, wires, or cables) incurred by Agent or the Banks in connection with the prepayment, upon Borrower’s receipt of a written
statement from Agent. 
 (c) Notice of Prepayment. Borrower shall give Agent written notice of prepayment of any Base Rate Loan by
not later than 11:00 A.M. (Cleveland, Ohio time) on the Business Day such prepayment is to be made and written notice of the prepayment of any Eurodollar Loan not later than 1:00 P.M. (Cleveland, Ohio time) three (3) Business Days prior to the
Business Day on which such prepayment is to be made. 

  
 22 

 (d) Minimum Amount. Each prepayment of a Eurodollar Loan by Borrower shall be in the
aggregate principal amount of not less than Five Million Dollars ($5,000,000), except in the case of a mandatory prepayment in connection with Article III hereof. 

(e) Application of Prepayment. All prepayments required pursuant to this Section 2.04 shall first be applied among the Base Rate
Loans, then to Eurodollar Loans. 
 Section 2.05 Fees. Borrower shall pay to Agent the fees set forth in the Agent Fee Letter.

 Section 2.06 Computation of Interest and Fees; Default Rate. With the exception of Base Rate Loans, interest on Loans and
fees and charges hereunder shall be computed on the basis of a year having three hundred sixty (360) days and calculated for the actual number of days elapsed. With respect to Base Rate Loans interest shall be computed on the basis of a year
having three hundred sixty-five (365) days or three hundred sixty-six (366) days, as the case may be, and calculated for the actual number of days elapsed. Anything herein to the contrary notwithstanding, if an Event of Default shall occur
and be continuing hereunder, at the option of Agent or the Required Banks, the principal of each Loan, the unpaid interest thereon and any other amounts owing hereunder shall bear interest, until paid, at the Default Rate. In no event shall the rate
of interest hereunder exceed the maximum rate allowable by law. 
 ARTICLE III. 

INCREASED CAPITAL; TAXES, ETC. 

Section 3.01 Increased Costs. 

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

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement (on a net basis)
against assets of, deposits with or for the account of, or credit extended or participated in by, any Bank (except any reserve requirement reflected in the LIBOR Rate); 

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

(iii) impose on any Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Loans made by such Bank or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Bank or such other
Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Bank, or such other Recipient of participating in, or to reduce the amount of any sum
received or receivable by such Bank or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Bank or other Recipient, Borrower will pay to such Bank or other Recipient, as the case may be, such
additional amount or amounts as will compensate such Bank or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

  
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 (b) Certificates for Reimbursement. A certificate of a Bank setting forth the amount or
amounts necessary to compensate such Bank or its holding company, as the case may be, as specified in paragraph (a) of this Section and delivered to Borrower, shall be conclusive absent manifest error. Borrower shall pay such Bank, the amount
shown as due on any such certificate within 10 days after receipt thereof. 
 (c) Delay in Requests. Failure or delay on the
part of any Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Bank’s right to demand such compensation; provided that Borrower shall not be required to compensate a Bank pursuant to this Section
for any increased costs incurred or reductions suffered more than nine months prior to the date that such Bank notifies Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Bank’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

Section 3.02 Tax Law, Etc. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any
such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by 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) 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 Borrower. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable
law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) Indemnification by Borrower.
Borrower shall 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 Borrower by a Bank (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Bank, shall be conclusive absent manifest
error. 

  
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 (d) Indemnification by the Banks. Each Bank shall severally indemnify the Agent, within 10
days after demand therefor, for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that Borrower have not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of Borrower to do
so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 10.11 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Bank, in each case,
that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Agent shall be conclusive absent manifest error. Each Bank hereby authorizes the Agent to set off and apply any and all amounts at any time owing to
such Bank under any Loan Document or otherwise payable by the Agent to the Bank from any other source against any amount due to the Agent under this paragraph (d). 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this
Section 3.02, Borrower shall deliver to the 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 Agent. 
 (f) Status of Banks. 

(i) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower and the Agent, at the time or times reasonably requested by Borrower or the Agent, such properly completed and executed documentation reasonably requested by Borrower or the Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Bank, if reasonably requested by Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or the Agent as
will enable Borrower or the Agent to determine whether or not such Bank 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 3.02(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Bank’s reasonable judgment such completion, execution or submission would
subject such Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank. 

(ii) Without limiting the generality of the foregoing. 

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

  
 25 

 (B) any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to Borrower
and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the
Agent), whichever of the following is applicable: 
 (i) in the case of a Foreign Bank claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to
the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN 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; 
 (ii) executed originals of IRS Form
W-8ECI; 
 (iii) in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Bank is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of 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) executed originals of IRS Form W-8BEN; or 

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

(C) any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to Borrower and the Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the 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 Borrower or the Agent
to determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Bank under any Loan Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in 

  
 26 

 
Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably
requested by Borrower or the 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 Borrower or the Agent as may be
necessary for Borrower and the Agent to comply with their obligations under FATCA and to determine that such Bank has complied with such Bank’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. 
 Each Bank
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 Borrower and the Agent in writing of its legal inability to do
so. 
 (g) 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 3.02 (including by the payment of additional amounts pursuant to this Section 3.02), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this 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 indemnification payments or additional amounts giving rise to such refund 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. 

(h) Survival. Each party’s obligations under this Section 3.02, Section 3.01, Section 3.04 and Section 3.07
shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 3.03 Eurodollar Deposits Unavailable or Interest Rate Unascertainable. In respect of any Eurodollar Loan, in the event
that Agent shall have determined that for Eurodollar Loans, that Dollar deposits in the relevant amount for the relevant Interest Period for such Eurodollar Loan are not available to Agent in the applicable Eurodollar market, or that, by reason of
circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate applicable to such Interest Period, as the case may be, Agent shall promptly give notice of such determination to Borrower and
(a) any notice of a conversion of an existing Base Rate Loan to a Eurodollar Loan shall be deemed a notice to 

  
 27 

 
continue a Base Rate Loan, and (b) Borrower shall be obligated either to prepay, or with respect to a Eurodollar Loan, to convert to a Base Rate Loan, any outstanding Eurodollar Loan on the
last day of the then current Interest Period with respect thereto. 
 Section 3.04 Indemnity. Without prejudice to any other
provisions of this Article III, Borrower hereby agrees to indemnify each Bank against any loss or expense that such Bank may sustain or incur as a consequence of any default by Borrower in payment when due of any amount hereunder in respect of any
Eurodollar Loan, including, but not limited to, any loss of profit, premium or penalty incurred by such Bank in respect of funds borrowed by it for the purpose of making or maintaining such Eurodollar Loan, as determined by such Bank in the exercise
of its sole but reasonable discretion. A certificate as to any such loss or expense shall be promptly submitted by such Bank to the Borrower and shall, in the absence of manifest error, be conclusive and binding as to the amount thereof. 

Section 3.05 Changes in Law Rendering Eurodollar Loans Unlawful. If at any time any Change in Law shall make it unlawful for any
Bank to fund any Eurodollar Loan that it is committed to make hereunder, the commitment of such Bank to fund such Eurodollar Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality, and such Bank
shall by written notice to Borrower and Agent declare that its commitment with respect to such Eurodollar Loan has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Bank shall similarly notify
Borrower and Agent. If any such change shall make it unlawful for any Bank to continue in effect the funding in the applicable Eurodollar market of any Eurodollar Loan previously made by it hereunder, such Bank shall, upon the happening of such
event, notify Borrower, Agent and the other Banks thereof in writing stating the reasons therefor, and the Borrower shall, on the earlier of (a) the last day of the then current Interest Period or (b) if required by such law, regulation or
interpretation, on such date as shall be specified in such notice, either convert such Eurodollar Loan (if a Eurodollar Loan) to a Base Rate Loan or prepay such Eurodollar Loan to the Banks in full. Any such prepayment or conversion shall be subject
to the prepayment fees described in Section 2.04 hereof. 
 Section 3.06 Funding. Each Bank may, but shall not be required
to, make Eurodollar Loans hereunder with funds obtained outside the United States or such Loans may be made through a branch or affiliate of any Bank. 

Section 3.07 Capital Adequacy. If any Bank shall have determined, after the Closing Date, that a Change in Law affecting such Bank
or any lending office of such Bank, if any, regarding capital adequacy (whether or not having the force of law), has or will have the effect of reducing the rate of return on such Bank’s capital as a consequence of its obligations hereunder to
a level below that which such Bank could have achieved but for such Change in Law (taking into consideration such Bank’s policies or the policies of its holding company with respect to capital adequacy) by an amount deemed by such Bank to be
material, then from time to time, within fifteen (15) days after demand by such Bank (made within one hundred eighty (180) days of such Bank becoming aware of the reason giving rise to such demand), with a copy to Agent, Borrower shall pay
to such Bank such additional amount or amounts as shall compensate such Bank for such reduction. Each Bank shall designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will
not, in the 

  
 28 

 
judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation under this Section and setting forth the additional amount or amounts to be paid
to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such Bank may use any reasonable averaging and attribution methods. Failure on the part of any Bank to demand compensation for any reduction in return
on capital with respect to any period shall not constitute a waiver of such Bank’s rights to demand compensation for any reduction in return on capital in such period or in any other period. The protection of this Section shall be available to
each Bank regardless of any possible contention of the invalidity or inapplicability of the law, regulation or other condition that shall have been imposed. 

Section 3.08 Application of Provisions. Notwithstanding anything in this Agreement to the contrary, no Bank shall demand
compensation for any reduction referred to in Section 3.01, Section 3.02, Section 3.03 or Section 3.07 hereof if it shall not at the time be the general policy or practice of such Bank to demand such compensation, payment or
reimbursement in similar circumstances under comparable provisions of other credit agreements. 
 Section 3.09 Replacement of
Banks. If any Bank requests compensation under Section 3.01 or Section 3.07, or if Borrower is required to pay any Indemnified Taxes or additional amounts to any Bank or any Governmental Authority for the account of any Bank pursuant
to Section 3.07 or if any Bank is a Non-Consenting Bank or if any Bank is a Defaulting Bank, then Borrower may, at its sole expense and effort, upon notice to such Bank and the Agent, require such Bank to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by, Section 10.10), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.01, Section 3.07 or
Section 3.02) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment); provided that: 

(i) Borrower shall have paid to the Agent the assignment fee (if any) specified in Section 10.10; 

(ii) such Bank shall have received payment of an amount equal to the outstanding principal of its Loans accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.04) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower (in the
case of all other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under Section 3.01,
Section 3.07 or payments required to be made pursuant to Section 3.02, such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) such assignment does not conflict with applicable law; and 

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

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

CONDITIONS PRECEDENT 

Notwithstanding the execution of this Agreement and the other Loan Documents on the Closing Date, the effectiveness of this Agreement and the
obligation of the Banks to make the Loan is subject to Borrower satisfying each of the following conditions on the Closing Date or on before the Effective Date (as noted below), each in form and substance reasonably satisfactory to Agent: 

Section 4.01 Loan Documents. On the Closing Date, Borrower shall have executed and delivered to (i) Agent, this Agreement,
and each of the Loan Documents, and (ii) each Bank, its Note. 
 Section 4.02 Officer’s Certificate, Resolutions,
Organizational Documents. On the Closing Date, Borrower shall have delivered to each Bank an officer’s certificate certifying the names of the officers of Borrower authorized to sign the Loan Documents, together with the true signatures of
such officers and certified copies of (a) the resolutions of the board of directors of Borrower evidencing authorization of the transactions contemplated by the Loan Documents, and (b) the Organizational Documents of Borrower. 

Section 4.03 Legal Opinion. On the Closing Date, Borrower shall have delivered to Agent an opinion of counsel for Borrower dated
the Closing Date. 
 Section 4.04 Good Standing Certificate. On the Closing Date, Borrower shall have delivered to Agent a good
standing certificate, issued on or about the Closing Date by the Secretary of State of Ohio. 
 Section 4.05 Agent Fee Letter; Legal
Fees. Borrower shall have (a) paid to Agent the fees described in the Agent Fee Letter on the Closing Date and the Effective Date, as applicable, (b) paid all legal fees and expenses of Agent in connection with the preparation and
negotiation of the Loan Documents incurred prior to the Closing Date on the Closing Date, and (c) paid all legal fees and expenses of Agent in connection with the preparation and negotiation of the Loan Documents incurred on and after the
Closing Date through the Effective Date on the Effective Date. 
 Section 4.06 Closing Certificate. On the Effective Date,
Borrower shall have delivered to Agent and the Banks an officer’s certificate certifying that, as of the Effective Date, (a) all conditions precedent set forth in this Article IV have been satisfied, (b) no Default or Event of Default
exists nor immediately after the making of the Loan will exist, (c) each of the representations and warranties contained in Article VI hereof are true and correct as of the Effective Date, and (d) no material adverse change has occurred in
the financial condition or operations of the Companies since October 31, 2013. 

  
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 Section 4.07 No Material Adverse Change. As of the Effective Date, no material
adverse change, in the opinion of Agent, shall have occurred in the financial condition or operations of the Companies since October 31, 2013. 

Section 4.08 Regulatory Approvals. As of the Effective Date, all regulatory approvals and licenses necessary for the financing
shall have been completed and there shall be an absence of any legal or regulatory prohibitions or restrictions. 
 Section 4.09
Avalon Purchase Agreement. On or prior to the Effective Date, Borrower shall have provided to Agent an executed copy of the Avalon Purchase Agreement (including all amendments, supplements, schedules and exhibits thereto). 

Section 4.10 Consummation of Acquisition. On the Effective Date, Borrower shall have provided to Agent evidence of consummation of
the Avalon Acquisition. 
 Section 4.11 Miscellaneous. On or prior to the Effective Date, Borrower shall have provided to Agent
such other items and shall have satisfied such other conditions as may be reasonably agreed to by Agent and Borrower. 
 ARTICLE V. 

COVENANTS 
 Borrower agrees that
until all of the Debt shall have been paid in full, Borrower shall perform and observe, and shall cause each other Company to perform and observe, each of the following provisions: 

Section 5.01 Money Obligations. Borrower covenants that it will, and shall cause each of its Subsidiaries to, pay in full
(a) prior in each case to the date when penalties would attach, all taxes, assessments and governmental charges and levies (except only those so long as and to the extent that the same shall be contested in good faith by appropriate and timely
proceedings and for which adequate reserves have been established in accordance with GAAP) for which it may be or become liable or to which any or all of its properties may be or become subject and the failure to pay would have a Material Adverse
Effect; (b) all of its wage obligations to any employees required to be paid in compliance with the Fair Labor Standards Act (29 U.S.C. §§206-207) or any comparable provisions and the failure to pay would have a Material Adverse
Effect; and (c) all of its other obligations calling for the payment of money (except only those so long as and to the extent that the same shall be contested in good faith and for which adequate reserves have been established in accordance
with GAAP) before such payment becomes overdue and the failure to pay (i) would constitute a Default or Event of Default hereunder or (ii) have a Material Adverse Effect. 

Section 5.02 Financial Statements. Borrower covenants that it will deliver to each Bank: 

(a) within forty-five (45) days after the end of each of the first three (3) quarter-annual periods of each fiscal year of Borrower,
balance sheets of Borrower as of the end of such period and statements of income (loss), stockholders’ equity and cash flow for the quarter and fiscal year to date periods, all prepared on a Consolidated basis, in accordance with GAAP and in
form and detail satisfactory to the Required Banks and certified by a Financial Officer of Borrower; 

  
 31 

 (b) within ninety (90) days after the end of each fiscal year of Borrower, (i) an
annual audit report of Borrower for that year prepared on a Consolidated and consolidating (but only as to Borrower and its Subsidiaries) basis, in accordance with GAAP, and in form and detail satisfactory to the Required Banks and certified by an
independent public accountant satisfactory to the Required Banks, which report shall include balance sheets and statements of income (loss), stockholders’ equity and cash-flow for that period, provided that delivery of Borrower’s annual
report for any fiscal year of Borrower on Form 10-K as filed with the SEC shall satisfy the requirements of this subpart (b)(i), and (ii) a certificate by such accountant setting forth the Defaults and Events of Default coming to its attention
during the course of its audit or, if none, a statement to that effect; 
 (c) concurrently with the delivery of the financial statements in
(a) and (b) above, a Compliance Certificate; 
 (d) as soon as available, copies of all notices, reports, definitive proxy
statements and other documents that are publicly available and sent by Borrower to its shareholders, to the holders of any of its debentures or bonds or the trustee of any indenture securing the same or pursuant to which they are issued, or sent by
Borrower (in final form) to any securities exchange or over the counter authority or system, or to the SEC or any similar federal agency having regulatory jurisdiction over the issuance of Borrower’s securities; provided that publication of any
of the foregoing items with the SEC shall satisfy the requirements of this subpart (d); and 
 (e) within ten (10) days of the written
request of Agent or any Bank (with such request being made through Agent), such other information about the financial condition, properties and operations of any Company as Agent may from time to time reasonably request (but subject to any
applicable law and, upon request of Borrower, subject to customary confidentiality provisions), which information shall be submitted in form and detail satisfactory to Agent and certified by a Financial Officer of the Company or Companies in
question. Within twenty (20) days after the Effective Date, Borrower shall provide a Lien search with respect to the Avalon Acquisition in acceptable scope and with results consistent with the representations in the Avalon Acquisition
Agreement. 
 Documents required to be delivered pursuant to Section 5.02(a) or (b) (to the extent that any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Borrower posts such documents, or provides a link thereto on Borrower’s website on
the Internet at the website address; or (ii) on which such documents are posted on Borrower’s behalf on an Internet website, if any, to which each Bank and the Agent have access (whether a commercial, third-party website or whether
sponsored by the Agent); provided that: (i) Borrower shall deliver paper copies of such documents to the Agent or any Bank that requests Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by
the Agent or such Bank and (ii) Borrower shall notify the Agent and each Bank (by telecopier or electronic mail) of the posting of any such documents and provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. 

  
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 Section 5.03 Records. Borrower covenants that it will, and will cause each material
Subsidiary to, at all times maintain true and complete records and books of account, including, without limiting the generality of the foregoing, appropriate reserves for possible losses and liabilities, all in accordance with GAAP (solely to the
extent such material Subsidiaries must comply with GAAP for purposes of the Consolidated financial statements). 
 Section 5.04
Franchises. Borrower will and shall cause each of its Subsidiaries to preserve and maintain at all times its existence, rights and franchises, except as otherwise permitted pursuant to Section 5.09 hereof; provided that Borrower shall
not be required to preserve or maintain such rights or franchises where the failure to do so will not have a Material Adverse Effect. 

Section 5.05 ERISA Compliance. None of Borrower or its Subsidiaries shall incur any material accumulated funding deficiency within
the meaning of ERISA, or any material liability to the PBGC, established thereunder in connection with any ERISA Plan. Borrower shall promptly notify each Agent of any material taxes assessed, proposed to be assessed or that Borrower has reason to
believe may be assessed against Borrower or any of its Subsidiaries by the Internal Revenue Service with respect to any ERISA Plan. As used in this Section “material” means the measure of a matter of significance that shall be determined
as being an amount equal to five percent (5%) of the Consolidated Total Assets of Borrower. 
 Section 5.06 Financial
Covenants. 
 (a) Leverage Ratio. Borrower covenants that it shall not suffer or permit the Leverage Ratio to exceed 3.50 to
1.00. 
 (b) Interest Coverage Ratio. Borrower covenants that it shall not suffer or permit the Interest Coverage Ratio to be less
than 3.00 to 1.00. 
 Section 5.07 Indebtedness. Borrower covenants that it will not and shall not permit any of its
Subsidiaries to create, incur or have outstanding any Indebtedness of any kind; provided, that this Section 5.07 shall not apply to: 

(a) Loans or any Indebtedness under this Agreement; 

(b) the unsecured Indebtedness under the Existing Syndicated Credit Agreement in an aggregate principal amount not to exceed Seven Hundred
Fifty Million Dollars ($750,000,000); 
 (c) the unsecured Indebtedness of Borrower under the 2011 NYLIM Note Purchase Agreement in an
aggregate principal amount not to exceed One Hundred Seventy Five Million Dollars ($175,000,000); 
 (d) the unsecured Indebtedness under
the 2012 Senior Notes Purchase Agreement in an aggregate amount not to exceed Two Hundred Million Dollars ($200,000,000); 

  
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 (e) the unsecured Indebtedness of Borrower owing to The Bank of Tokyo-Mitsubishi UFJ, Ltd. up to
the Dollar Equivalent of One Billion Japanese Yen (¥1,000,000,000); 
 (f) the unsecured Indebtedness under the Nordson Holdings
S.a.r.l.- BTMU Credit Agreement in an aggregate amount not to exceed of One Hundred Million Euros (€100,000,000); 
 (g) loans or
capital leases to Borrower or any of its Subsidiaries for the purchase or lease of fixed assets, which loans or leases are secured by the assets being purchased or leased, so long as the aggregate then outstanding principal amount of all such loans
and leases for Borrower and its Subsidiaries do not exceed the greater of (a) One Hundred Million Dollars ($100,000,000) and (b) an amount equal to five percent (5%) of Consolidated Total Assets at any time; 

(h) Indebtedness owed by Borrower or a Subsidiary (other than the Receivables Subsidiary) to Borrower or another Subsidiary (other than the
Receivables Subsidiary); 
 (i) Indebtedness of the Receivables Subsidiary under the Permitted Receivables Facility, so long as (a) the
funded amount, together with any other Indebtedness thereunder, does not exceed the greater of (1) Two Hundred Million Dollars ($200,000,000) and (2) an amount equal to ten percent (10%) of Consolidated Total Assets at any time, and
(b) Borrower provides a copy of the documents evidencing such transaction to the Agent; and 
 (j) additional Indebtedness of Borrower
or any Subsidiary, to the extent not otherwise permitted pursuant to any of the foregoing clauses of this Section 5.07, so long as (i) Borrower will be in pro forma compliance as of the applicable measurement period with Section 5.06
hereof after giving effect to the incurrence of such Indebtedness and (ii) no Event of Default shall exist prior to or after giving effect to the incurrence of any such Indebtedness. 

Section 5.08 Liens. Borrower covenants and warrants that it will not, and will not permit any Subsidiary to create, assume or
suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired; provided that this Section 5.08 shall not apply to the following: 

(a) Liens for taxes not yet due or that are being actively contested in good faith by appropriate proceedings and for which adequate reserves
have been established in accordance with GAAP; 
 (b) other statutory Liens incidental to the conduct of its business or the ownership of
its property and assets that (a) were not incurred in connection with the borrowing of money or the obtaining of advances or credit, and (b) do not in the aggregate materially detract from the value of its property or assets or materially
impair the use thereof in the operation of its business; 
 (c) easements or other minor defects or irregularities in title of real property
not interfering in any material respect with the use of such property in the business of Borrower or any of its Subsidiaries; 

  
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 (d) any Lien granted to Agent, for the benefit of the Banks; 

(e) Liens on fixed assets securing the loans or capital leases pursuant to Section 5.07(g) hereof, provided that such Lien only attaches
to the property being acquired or leased plus any such Liens existing on the date hereof; 
 (f) Liens on the Receivables Related Assets in
connection with the Permitted Receivables Facility securing the obligations under the Permitted Receivables Facility; and 
 (g) any other
Liens, to the extent not otherwise permitted pursuant to clauses (a) through (f) hereof, so long as the aggregate then outstanding amount of Priority Indebtedness does not exceed at any time, for Borrower and all Subsidiaries, an amount
equal to fifteen percent (15%) of Consolidated Total Assets. 
 Borrower shall not, and shall not permit any Subsidiary (other than the Receivables
Subsidiary) to, enter into any Material Indebtedness Agreement (other than any contract or agreement entered into in connection with the Indebtedness permitted to be incurred pursuant to paragraph 5.07(b), (c), (d), (e), (f), (g) (but only with
respect to the assets the subject thereof), or (j) hereof) that would prohibit Agent or the Banks from acquiring a security interest, mortgage or other Lien on, or a collateral assignment of, any of the property or assets of Borrower or any of
Subsidiaries. 
 Section 5.09 Merger and Sale of Assets. Borrower covenants that it will not, and will not permit any Subsidiary
to, merge or consolidate with any other Person, or sell, lease or transfer or otherwise dispose of any assets to any Person other than in the ordinary course of business, except that, if no Default or Event of Default shall then exist or immediately
thereafter shall begin to exist: 
 (a) any Subsidiary (other than the Receivables Subsidiary) may merge with (a) Borrower (provided
that Borrower shall be the continuing or surviving Person), or (b) any other Subsidiary (other than the Receivables Subsidiary); 
 (b)
Borrower may sell, lease, transfer or otherwise dispose of any of its assets to any Subsidiary (other than the Receivables Subsidiary) and any Subsidiary (other than the Receivables Subsidiary) may sell, lease, transfer or otherwise dispose of any
of its assets to (a) Borrower, or (b) any Subsidiary (other than the Receivables Subsidiary); 
 (c) in addition to any sale,
lease, transfer or other disposition permitted pursuant to clauses (a) and (b) above, Borrower and any Subsidiary may sell accounts receivables and related rights to the Receivables Subsidiary in connection with the Permitted Receivables
Facility; 
 (d) Borrower may consummate the Avalon Acquisition and any merger or consolidation that constitutes an Acquisition permitted
pursuant to Section 5.10 hereof; and 
 (e) in addition to any sale, lease, transfer or other disposition permitted pursuant to clauses
(a) through (d) above, Borrower or any Subsidiary (other than the Receivables Subsidiary) may sell, lease, transfer or otherwise dispose of any of its assets to any 

  
 35 

 
Person so long as the aggregate amount of all such assets sold, leased, transferred or otherwise disposed of by Borrower and all of its Subsidiaries does not exceed an amount equal to eleven
percent (11.0%) of Consolidated Total Assets during any two consecutive fiscal years of Borrower. 
 Section 5.10
Acquisitions. Borrower covenants that it will not, and will not permit any Subsidiary to, effect an Acquisition, except that Borrower or any Subsidiary (other than the Receivables Subsidiary) may (a) effect the Avalon Acquisition and
(b) effect any additional Acquisition provided that (i) if such Acquisition is a merger or consolidation with Borrower, Borrower shall be the surviving entity and if such Acquisition is a merger or consolidation with a Subsidiary, then the
surviving entity shall be a Subsidiary on the consummation thereof; (ii) the Board of Directors (or equivalent governing body) of the Person acquired shall have approved such Acquisition; and (iii) no Default or Event of Default shall then
exist or immediately thereafter shall begin to exist. 
 Section 5.11 Affiliate Transactions. Borrower covenants that it will
not, and will not permit any Subsidiary to, directly or indirectly, enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with any
Affiliate of Borrower or its Subsidiaries on terms that are less favorable to Borrower or such Subsidiary, as the case may be, than those that might be obtained at the time in a transaction with a non-Affiliate; provided, however, that the foregoing
shall not prohibit (i) the payment of customary and reasonable directors’ fees to directors who are not employees of Borrower or its Subsidiaries or any Affiliate thereof; or (ii) any transaction, including, but not limited to the
transactions contemplated pursuant to the Permitted Receivables Facility, between Borrower and an Affiliate that Borrower reasonably determines in good faith is beneficial to Borrower and its Affiliates as a whole and that is not entered into for
the purpose of hindering the exercise by the Agent or any Bank of its rights or remedies under this Agreement or any other Loan Document. 

Section 5.12 Regulations U and X. No Company shall take any actions that would result in any non-compliance of the Loans with
Regulations U and X, or any other applicable regulation, of the Board of Governors of the Federal Reserve System. 
 Section 5.13
Notice. Borrower covenants that it will promptly notify the Agent and the Banks whenever, to the knowledge of a Financial Officer (a) any Default or Event of Default is likely to occur hereunder, (b) any default, or event with which
the passage of time or the giving of notice, or both, would cause a default, shall have occurred under any Material Indebtedness Agreement (including, without limitation, the Note Purchase Agreements so long as each is a Material Indebtedness
Agreement), or (c) any Reportable Compliance Event. 
 Section 5.14 Environmental Compliance. Except where the failure to
do so would not have or result in a Material Adverse Effect, Borrower covenants that it will, and shall cause each Subsidiary to, (i) comply in all respects with any and all Environmental Laws including, without limitation, all Environmental
Laws in jurisdictions in which Borrower or any Subsidiary owns or operates a facility or site, arranges for disposal or treatment of hazardous substances, solid waste or other wastes, accepts for transport any hazardous substances, solid waste or
other wastes or holds any interest in real property or otherwise and (ii) not allow the release or disposal of 

  
 36 

 
hazardous waste, solid waste or other wastes on, under or to any real property in which Borrower or any of its Subsidiaries holds any interest or performs any of its operations, in violation of
any Environmental Law. Borrower shall defend, indemnify and hold the Agent and the Banks harmless against all costs, expenses, claims, damages, penalties and liabilities of every kind or nature whatsoever (including attorneys’ fees) arising out
of or resulting from the noncompliance of Borrower or any of its Subsidiaries with any Environmental Law. Such indemnification shall survive any termination of this Agreement. 

Section 5.15 Restricted Payments. Borrower covenants that it will not make or commit itself to make any Restricted Payment if an
Default or Event of Default shall then exist or immediately thereafter shall begin to exist. 
 Section 5.16 Use of Proceeds.
Borrower’s use of the proceeds of the Loans shall be solely as required in Section 2.02(f) hereof. 
 Section 5.17
Restrictive Agreements. Except as set forth in this Agreement, Borrower covenants that it will not, and will not permit any Subsidiary (excluding the Receivable Subsidiary) to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any encumbrance or restriction on the ability of any Subsidiary (excluding the Receivables Subsidiary) to (a) make, directly or indirectly, any Capital Distribution to Borrower; (b) make, directly or indirectly,
loans or advances or capital contributions to Borrower; or (c) transfer, directly or indirectly, any of the properties or assets of such Subsidiary (excluding the Receivables Subsidiary) to Borrower, except for such encumbrances or restrictions
existing under or by reason of (1) applicable law, (2) customary non-assignment provisions in leases or other agreements entered in the ordinary course of business and consistent with past practices, (3) customary restrictions in
security agreements or mortgages securing Indebtedness of Borrower or its Subsidiaries to the extent such restrictions only restrict the transfer of the property subject to such security agreement or mortgage or (4) customary and reasonable
restrictions in agreements necessary to obtain loans and credit facilities so long as such restrictions do not materially encumber the ability of the Subsidiaries taken as a whole to make Capital Distributions. 

Section 5.18 Guaranties of Payment; Guaranty Under Material Indebtedness Agreement. Borrower covenants that it will not permit any
Subsidiary to become a Guarantor in respect of any Indebtedness under a Material Indebtedness Agreement (including, without limitation, the Existing Syndicated Credit Agreement or the Note Purchase Agreements, so long as each is a Material
Indebtedness Agreement) unless, prior to or concurrently therewith (i) Borrower shall have caused each such Subsidiary to execute and deliver to the Agent and the Banks a guaranty of payment, in form and substance substantially similar to form
of guaranty furnished under such Material Indebtedness Agreement and otherwise completed in a manner satisfactory to the Agent, accompanied by a certificate of the Secretary or Assistant Secretary of such Subsidiary certifying such Subsidiary’s
charter and by-laws (or comparable governing documents), resolutions of the board of directors (or comparable governing body) of such Subsidiary authorizing the execution and delivery of such guaranty agreement and incumbency and specimen signatures
of the officers of such Subsidiary executing such documents and (ii) if any holder of any Indebtedness under the Material Indebtedness Agreement shall be or become a party to an intercreditor agreement with any other holder of any Indebtedness
under any other 

  
 37 

 
Material Indebtedness Agreement, then all holders of Indebtedness under any other Material Indebtedness Agreement with respect to which any Subsidiary is a Guarantor shall have entered into an
intercreditor agreement in form and substance customary and appropriate for such agreement and otherwise reasonably satisfactory to the Agent. 

Section 5.19 Pari Passu Ranking. Borrower covenants that its obligations under this Agreement shall, and that it will, and will
cause each Subsidiary to, take all necessary action to ensure that the obligations of Borrower under this Agreement shall, at all times rank at least pari passu in right of payment (to the fullest extent permitted by law) with all other senior
unsecured Indebtedness of Borrower and its Subsidiaries. 
 Section 5.20 Terrorism Sanctions Regulations. Borrower covenants
that it will not, and will not permit any Subsidiary to, (i) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the
Anti-Terrorism Order or (ii) be in violation of any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224 or the USA Patriot Act) that
prohibits or limits the conduct of business with or the receiving of funds, goods or services to or for the benefit of certain Persons specified therein or that prohibits or limits any Bank from making Loans hereunder to Borrower or from otherwise
conducting business with Borrower or any Subsidiaries. 
 Section 5.21 Most Favored Lender. Borrower covenants that it will not
amend, modify or waive (an “Amendment”) any term or provision of the Existing Syndicated Credit Agreement that is also contained in this Agreement or amend the Existing Syndicated Credit Agreement to add any additional term or provision
thereto (any such modified, waived or added term or provision, an “MFL Provision”) unless, prior to the effectiveness of such Amendment, Borrower has notified Agent of such Amendment and, if requested by Agent, caused to be executed and
delivered, reasonably simultaneously with the effectiveness of such Amendment to the Existing Syndicated Credit Agreement at Borrower’s expense (including the reasonable fees and expenses of counsel for Agent), an amendment to this Agreement,
in form and substance satisfactory to Agent and the Required Bank(s), to similarly amend such term or provision in this Agreement or to add such term or provision to this Agreement, as the case may be. If, as a result of this Section 5.21,
either (i) this Agreement is amended to change or add any MFL Provision or (ii) any MFL Provision in the Existing Syndicated Credit Agreement is amended to a less restrictive level (including eliminated) or (b) Borrower and its
Subsidiaries are no longer bound by the amended or added covenant in the such Existing Syndicated Credit Agreement that caused such MFL Provision to be amended or added to this Agreement, as the case may be, and provided that (a) no Default or
Event of Default then exists, and (b) if any Credit Related Fee has been given to any party to such Existing Syndicated Credit Agreement in connection with any Amendment, the Banks shall have received such Credit Related Fee in a proportionate
amount based upon the relative Commitments and outstanding principal amount of the Loans under this Agreement and of the Indebtedness outstanding under the Existing Syndicated Credit Agreement, then this Agreement shall, without any further action
on the part of Borrower or any Bank, be deemed to be amended automatically to amend or to delete such MFL Provisions. For purposes hereof, a “Credit Related Fee” with respect to any Amendment shall mean any fee paid in connection with such
Amendment; provided that any amounts paid (1) for the reimbursement of out-of-pocket expenses relating to preparing such amendment, (2) for an extension and related modifications in 

  
 38 

 
the ordinary course of the term of the Existing Syndicated Credit Agreement, or (3) to the extent paid to the agent(s) for the lenders under the Existing Syndicated Credit Agreement in such
agent’s capacity as such or for out-of-pocket fees and expenses of the agent(s) on its behalf or on behalf of other lenders, shall not be “Credit Related Fees”. 

Section 5.22 Absence of Swaps. Borrower covenants that it will not consummate, nor permit any of its Subsidiaries to consummate,
any Swap which would constitute Debt under this Agreement. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES 

Borrower solely as to itself and, to the extent set forth below, on behalf of each of its Subsidiaries represents and warrants that the
statements set forth in this Article VI are true, correct and complete. 
 Section 6.01 Organization; Subsidiary Preferred
Equity. Borrower is a corporation duly organized and existing in good standing under the laws of the State of Ohio, and each Subsidiary is duly organized and existing in good standing under the laws of the jurisdiction in which it is organized.
Borrower and each of its Subsidiaries have duly qualified or been duly licensed, and are authorized to do business and are in good standing, in each jurisdiction in which the ownership of their respective properties or the nature of their respective
businesses makes such qualification or licensing necessary and in which the failure to be so qualified or licensed could be reasonably likely to have a Material Adverse Effect. No Subsidiary has any outstanding shares of any class of capital stock
or other equity interests which has priority over any other class of capital stock or other equity interests of such Subsidiary as to dividends or distributions or in liquidation except as may be owned beneficially and of record by Borrower or a
Wholly-Owned Subsidiary. Each Subsidiary’s legal name and its state or jurisdiction of organization has been set forth in Borrower’s most recent annual report on Form 10-K (excluding for any Subsidiary organized or no longer in existence
since the date thereof). As of the date of this Agreement, no Subsidiary is a Guarantor with respect to any Indebtedness under any Material Indebtedness Agreement. 

Section 6.02 Power and Authority. Borrower and each Subsidiary has all requisite corporate, limited liability company or
partnership, as the case may be, power to own or hold under lease and operate their respective properties which it purports to own or hold under lease and to conduct its business as currently conducted and as currently proposed to be conducted.
Borrower has all requisite corporate power to execute, deliver and perform its obligations under this Agreement and other Loan Documents. The execution, delivery and performance of this Agreement and the other Loan Documents has been duly authorized
by all requisite corporate action, and this Agreement and the other Loan Documents have been duly executed and delivered by authorized officers of Borrower and are valid obligations of Borrower, legally binding upon and enforceable against Borrower
in accordance with their terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The execution, delivery and performance of the Loan Documents will not violate any applicable law, 

  
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conflict with or result in any breach in any of the provisions of, or constitute a default under, or result in the creation of any Lien (other than Liens permitted under Section 5.08 hereof)
upon any assets or property of any Company under the provisions of such Company’s Organizational Documents or any agreement. 

Section 6.03 Compliance with Laws. Each Company: 

(a) holds permits, certificates, licenses, orders, registrations, franchises, authorizations, and other approvals from federal, state, local,
and foreign governmental and regulatory bodies necessary for the conduct of its business and is in compliance with all applicable laws relating thereto except where the failure to do so would not have a Material Adverse Effect; 

(b) is in compliance with all federal, state, local, or foreign applicable statutes, rules, regulations, and orders including, without
limitation, those relating to environmental protection, occupational safety and health, and equal employment practices, except where the failure to do so would not have a Material Adverse Effect; and 

(c) is not in violation of or in default under any agreement to which it is a party or by which its assets are subject or bound, except to the
extent that any such violation or default would not have a Material Adverse Effect. 
 Section 6.04 Litigation and Administrative
Proceedings. Except as disclosed on Schedule 6.04 hereto, as to any of which, individually or in the aggregate, if determined adversely, would not have a Material Adverse Effect, there are (a) no lawsuits, actions, investigations, or
other proceedings pending or threatened against any Company, or in respect of which any Company may have any liability, in any court or before any governmental authority, arbitration board, or other tribunal, (b) no orders, writs, injunctions,
judgments, or decrees of any court or government agency or instrumentality to which any Company is a party or by which the property or assets of any Company are bound, and (c) no grievances, disputes, or controversies outstanding with any union
or other organization of the employees of any Company, or threats of work stoppage, strike, or pending demands for collective bargaining. 

Section 6.05 Title to Assets. Each Company has good title to and ownership of all property it purports to own, which property is
free and clear of all Liens, except those permitted under Section 5.08 hereof or which the failure to have good title would not have a Material Adverse Effect. 

Section 6.06 Liens and Security Interests. On and after the Closing Date, except for Liens permitted pursuant to Section 5.08
hereof, (a) there is no financing statement outstanding covering any personal property of any Company, other than a financing statement in favor of Agent, for the benefit of the Banks, if any; (b) there is no mortgage outstanding covering
any real property of any Company, other than a mortgage in favor of Agent, for the benefit of the Banks, if any; and (c) no real or personal property of any Company is subject to any security interest or Lien of any kind other than any security
interest or Lien that may be granted to Agent, for the benefit of the Banks. No Company (other than the Receivables Subsidiary) has entered into any contract or agreement that exists on or after the Closing Date (other than any contract or 

  
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agreement entered into in connection with the Indebtedness permitted to be incurred pursuant to Section 5.07(b), (c), (d), (e), (f), (g) (but only with respect to the assets the subject
thereof) or (j) hereof) that would prohibit Agent or the Banks from acquiring a security interest, mortgage or other Lien on, or a collateral assignment of, any of the property or assets of any Company. 

Section 6.07 Tax Returns. All foreign, federal, state and local tax returns and other reports required by law to be filed in
respect of the income, business, properties and employees of each Company have been filed and all taxes, assessments, fees and other governmental charges that are due and payable have been paid, except as otherwise permitted herein or the failure to
do so does not and will not cause or result in a Material Adverse Effect. The provision for taxes on the books of each Company is adequate for all years not closed by applicable statutes and for the current fiscal year. 

Section 6.08 Environmental Laws. Each Company is in compliance with any and all Environmental Laws, including, without limitation,
all Environmental Laws in all jurisdictions in which any Company owns or operates, or has owned or operated, a facility or site, arranges or has arranged for disposal or treatment of hazardous substances, solid waste or other wastes, accepts or has
accepted for transport any hazardous substances, solid waste or other wastes or holds or has held any interest in real property or otherwise, except where the failure to so comply would not have a Material Adverse Effect. No litigation or proceeding
arising under, relating to or in connection with any Environmental Law is pending or, to the best knowledge of each Company, threatened, against any Company, any real property in which any Company holds or has held an interest or any past or present
operation of any Company that, if determined adversely, would have a Material Adverse Effect. No release, threatened release or disposal of hazardous waste, solid waste or other wastes is occurring, or has occurred (other than those that are
currently being cleaned up in accordance with Environmental Laws), on, under or to any real property in which any Company holds any interest or performs any of its operations, in violation of any Environmental Law and that would have a Material
Adverse Effect. As used in this Section, “litigation or proceeding” means any demand, claim, notice, suit, suit in equity, action, administrative action, investigation or inquiry whether brought by any governmental authority, private
Person or otherwise. 
 Section 6.09 Employee Benefit Plans. No ERISA Event has occurred or is expected to occur with respect to
an ERISA Plan. Full payment has been made of all amounts which a Controlled Group member is required, under applicable law or under the governing documents, to have been paid as a contribution to or a benefit under each ERISA Plan. The liability of
each Controlled Group member with respect to each ERISA Plan has been fully funded based upon reasonable and proper actuarial assumptions, has been fully insured, or has been fully reserved for on its financial statements. No changes have occurred
or are expected to occur that would cause a material increase in the cost of providing benefits under the ERISA Plan. With respect to each ERISA Plan that is intended to be qualified under Code Section 401(a): (a) the ERISA Plan and any
associated trust operationally comply with the applicable requirements of Code Section 401(a), (b) the ERISA Plan and any associated trust have been amended to comply with all such requirements as currently in effect, other than those
requirements for which a retroactive amendment can be made within the “remedial amendment period” available under Code Section 401(b) (as extended under Treasury Regulations and other Treasury pronouncements upon which taxpayers may
rely), (c) the ERISA Plan and any associated trust have received a favorable 

  
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determination letter from the Internal Revenue Service stating that the ERISA Plan qualifies under Code Section 401(a), that the associated trust qualifies under Code Section 501(a)
and, if applicable, that any cash or deferred arrangement under the ERISA Plan qualifies under Code Section 401(k), unless the ERISA Plan was first adopted at a time for which the above-described “remedial amendment period” has not
yet expired, (d) the ERISA Plan currently satisfies the requirements of Code Section 410(b), without regard to any retroactive amendment that may be made within the above-described “remedial amendment period”, and (e) no
contribution made to the ERISA Plan is subject to an excise tax under Code Section 4972. With respect to any Pension Plan (except to the extent set forth in footnote 4 to Borrower’s Consolidated financial statements for the fiscal year
ended October 31, 2006), the “accumulated benefit obligation” of Controlled Group members with respect to the Pension Plan (as determined in accordance with Statement of Accounting Standards No. 87, “Employers’
Accounting for Pensions”, as applicable to Borrower from time to time) does not exceed the fair market value of Pension Plan assets. 

Section 6.10 Consents or Approvals. No consent, approval or authorization of, or filing, registration or qualification with, any
governmental authority or any other Person is required to be obtained or completed by Borrower in connection with the execution, delivery or performance of any of the Loan Documents that has not already been obtained or completed. 

Section 6.11 Solvency. Borrower has received consideration that is the reasonable equivalent value of the obligations and
liabilities that Borrower has incurred to the Banks. The Borrower is not insolvent as defined in any applicable state or federal statute, nor will Borrower be rendered insolvent by the execution and delivery of the Loan Documents to Agent and the
Banks. The Borrower is not engaged or about to engage in any business or transaction for which the assets retained by it are or will constitute unreasonably small capital, taking into consideration the obligations to Agent and the Banks incurred
hereunder. The Borrower does not intend to, nor does it believe that it will, incur debts beyond its ability to pay such debts as they mature. 

Section 6.12 Financial Statements. The Consolidated financial statements of Borrower for the fiscal year ended October 31,
2013 and the quarter ended on or about April 30, 2014 that are available to the Agent and the Banks, are true and complete, have been prepared in accordance with GAAP, and fairly present the financial condition of the Companies as of the dates
of such financial statements and the results of their operations for the periods then ending. 
 Section 6.13 Regulations. The
Borrower is not engaged principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin stock” (within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System of the United States of America). Neither the granting of any Loan (or any conversion thereof) nor the use of the proceeds of any Loan will violate, or be inconsistent with, the provisions of Regulation U or X or any other
Regulation of such Board of Governors. 
 Section 6.14 Investment Company; Holding Company. No Company is (a) an
“investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (b) subject to regulation under the Public Utility Holding Company
Act of 2005, the Federal Power Act, each as amended, or any foreign, federal, state or local statute or regulation limiting its ability to incur Indebtedness. 

  
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 Section 6.15 Accurate and Complete Statements. Neither the Loan Documents nor any
written statement made by any Company in connection with any of the Loan Documents contains any untrue statement of a material fact or omits a material fact necessary to make the statements contained therein or in the Loan Documents not misleading.
After due inquiry by a Financial Officer of Borrower, as of the Closing Date and the Effective Date, there is no known fact that any Company has not disclosed to Agent and the Banks that has or would have a Material Adverse Effect. 

Section 6.16 Defaults. No Default or Event of Default exists hereunder, nor will any begin to exist. 

Section 6.17 Anti-Terrorism Law Compliance. No Company is subject to or in violation of any law, regulation, or list of any
government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224 or the USA Patriot Act) that prohibits or limits the conduct of business with or the receiving of funds, goods or
services to or for the benefit of certain Persons specified therein or that prohibits or limits any Bank from making any advance or extension of credit to Borrower or from otherwise conducting business with Borrower. 

Section 6.18 Anti-Money Laundering/International Trade Law Compliance. No Covered Entity (i) is a Sanctioned Person;
(ii) has any of its assets in a Sanctioned Country in violation of any law, regulation, order or directive enforced by any Compliance Authority or has any assets in the possession, custody or control of a Sanctioned Person; or (iii) does
business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority. In
addition to the foregoing, Borrower represents and warrants that (i) the proceeds of the Loans will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned
Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; (ii) the funds used to repay the Loans are not derived from any unlawful activity; and (iii) each Covered Entity is in compliance with,
and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws. 

ARTICLE VII. 
 EVENTS OF DEFAULT

 Each of the following shall constitute an Event of Default hereunder: 

Section 7.01 Payments. If (a) the principal of any Loan shall not be paid in full punctually when due and payable, or
(b) the interest on any Loan or any facility or other fee shall not be paid in full punctually when due and payable or within five (5) Business Days thereafter. 

Section 7.02 Special Covenants and Representations. If any Company or Obligor shall fail or omit to perform and observe
Section 5.06, Section 5.07, Section 5.08, Section 5.09, Section 5.10, Section 6.17 or Section 6.18 hereof. 

  
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 Section 7.03 Other Covenants. If any Company or Obligor shall fail or omit to perform
and observe any agreement or other provision (other than those referred to in Section 7.01 or Section 7.02 hereof) contained or referred to in this Agreement or any Related Writing that is on such Company’s or Obligor’s part, as
the case may be, to be complied with, and that Default shall not have been fully corrected within thirty (30) days after the giving of written notice thereof to Borrower by Agent or any Bank that the specified Default is to be remedied. 

Section 7.04 Representations and Warranties. If any representation, warranty or statement made in or pursuant to this Agreement
(other than those referred to in Section 6.17 or Section 6.18 hereof) or any Related Writing or any other material information furnished by any Company or any Obligor to the Agent or the Banks shall be false or erroneous. 

Section 7.05 Cross Default. If any Company or Obligor shall default in the payment in an amount in excess of Two Million Five
Hundred Thousand Dollars ($2,500,000) of principal, interest or fees due and owing upon any other obligation for borrowed money (other than any of the Debt) in excess, for all such obligations for all such Companies and Obligors, of the greater of
(i) Fifty Million Dollars ($50,000,000) and (ii) an amount equal to three percent (3%) of Consolidated Total Assets beyond any period of grace provided with respect thereto, or in the performance or observance of any other agreement,
term or condition contained in any agreement under which such obligation is created beyond any period of grace provided with respect thereto, if the effect of such default is to allow the acceleration of the maturity of such Indebtedness or to
permit the holder thereof to cause such Indebtedness to become due prior to its stated maturity. 
 Section 7.06 ERISA Default.
The occurrence of one or more ERISA Events that (a) the Required Banks determine could have a Material Adverse Effect, or (b) results in a Lien on any of the assets of any Company in excess of the greater of (i) Fifty Million Dollars
($50,000,000) and (ii) an amount equal to three percent (3%) of Consolidated Total Assets. 
 Section 7.07 Change Of
Control. If any Change of Control shall occur. 
 Section 7.08 Money Judgment. A final judgment or order for the payment of
money shall be rendered against any Company or Obligor by a court of competent jurisdiction, that remains unpaid or unstayed and undischarged for a period (during which execution shall not be effectively stayed) of thirty (30) days after the
date on which the right to appeal has expired, provided that the aggregate of all such judgments for all such Companies and Obligors shall exceed the greater of (i) Fifty Million Dollars ($50,000,000) and (ii) an amount equal to three
percent (3%) of Consolidated Total Assets. 
 Section 7.09 Validity of Loan Documents. (a) Any material provision, in the
reasonable opinion of Agent, of any Loan Document shall at any time for any reason cease to be valid and binding and enforceable against Borrower or any Company; (b) the validity, binding effect or enforceability of any material provision of
any Loan Document against Borrower or any Company shall be contested by such Company or any other Obligor; (c) Borrower or any Guarantor of Payment shall deny that it has any or further liability or obligation thereunder; or (d) any
material provision of any Loan Document shall be terminated, invalidated or set aside, or be declared ineffective or inoperative or in any way cease to give or provide to Agent and the Banks the benefits purported to be created thereby. 

  
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 Section 7.10 Insolvency. If Borrower or any Subsidiary (other than any Subsidiary
that individually, or in the aggregate when combined with all other Subsidiaries excluded from this Section 7.10 by operation of this parenthetical, has assets less than or equal to the greater of (i) Fifty Million Dollars ($50,000,000)
and (ii) an amount equal to three percent (3%) of Consolidated Total Assets) shall (a) except as permitted pursuant to Section 5.09 hereof, discontinue business, (b) generally not pay its debts as such debts become due,
(c) make a general assignment for the benefit of creditors, (d) apply for or consent to the appointment of a receiver, a custodian, a trustee, an interim trustee or liquidator of all or a substantial part of its assets, (e) be
adjudicated a debtor or have entered against it an order for relief under Title 11 of the United States Code, as the same may be amended from time to time, (f) file a voluntary petition in bankruptcy, or have an involuntary proceeding filed
against it and the same shall continue undismissed for a period of thirty (30) days from commencement of such proceeding or case, or file a petition or an answer seeking reorganization or an arrangement with creditors or seeking to take
advantage of any other law (whether federal or state (or the foreign equivalent)) relating to relief of debtors, or admit (by answer, by default or otherwise) the material allegations of a petition filed against it in any bankruptcy, reorganization,
insolvency or other proceeding (whether federal or state (or the foreign equivalent)) relating to relief of debtors, (g) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days any judgment, decree or order
entered by a court of competent jurisdiction, that approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator of all or a substantial part of its assets, or (h) take, or omit to
take, any action in order thereby to effect any of the foregoing. 
 ARTICLE VIII. 

REMEDIES UPON DEFAULT 

Notwithstanding any contrary provision or implication herein or elsewhere: 

Section 8.01 Optional Defaults. If any Event of Default referred to in Section 7.01, Section 7.02, Section 7.03,
Section 7.04, Section 7.05, Section 7.06, Section 7.07, Section 7.08 or Section 7.09 hereof shall occur, Agent may, with the consent of the Required Banks, and shall, at the request of the Required Banks, give written
notice to Borrower, to accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and
without any further or other notice of any kind, all of which are hereby waived by Borrower. 
 Section 8.02 Automatic Defaults.
If any Event of Default referred to in Section 7.10 hereof shall occur the principal, interest and any other amounts then outstanding on all of the Notes, and all of the other Debt, shall thereupon become and thereafter be immediately due and
payable in full (if the Debt is not already due and payable), all without any presentment, demand or notice of any kind, which are hereby waived by Borrower. 

  
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 Section 8.03 Offsets. If there shall occur or exist any Event of Default referred to
in Section 7.10 hereof or if the Debt is accelerated pursuant to Section 8.01 or Section 8.02 hereof, each Bank shall have the right at any time to set off against, and to appropriate and apply toward the payment of, any and all Debt
then owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to Section 2.01 or Section 8.04 hereof), whether or not the same shall then have matured, any and all deposit
balances and all other indebtedness then held or owing by that Bank to or for the credit or account of Borrower or any Guarantor of Payment, all without notice to or demand upon Borrower or any other Person, all such notices and demands being hereby
expressly waived by Borrower. 
 Section 8.04 Equalization Provision. Each Bank agrees with the other Banks that if it, at any
time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be
necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and
the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further
agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first
to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a
participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the
amount of participation. 
 ARTICLE IX. 

THE AGENT 
 The Banks authorize
PNC Bank, National Association and PNC Bank, National Association hereby agrees to act as agent for the Banks in respect of this Agreement upon the terms and conditions set forth elsewhere in this Agreement, and upon the following terms and
conditions: 
 Section 9.01 Appointment and Authorization. Each Bank hereby irrevocably appoints and authorizes Agent to take
such action as agent on its behalf and to exercise such powers hereunder as are delegated to Agent by the terms hereof, together with such powers as are reasonably incidental thereto. Neither Agent nor any of its Affiliates, directors, officers,
attorneys or employees shall be liable for any action taken or omitted to be taken by it or them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct. 

Section 9.02 Note Holders. Agent may treat the payee of any Note as the holder thereof until written notice of transfer shall have
been filed with it, signed by such payee and in form satisfactory to Agent. 

  
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 Section 9.03 Consultation With Counsel. Agent may consult with legal counsel selected
by it and shall not be liable for any action taken or suffered in good faith by it in accordance with the opinion of such counsel. 

Section 9.04 Documents. Agent shall not be under any duty to examine into or pass upon the validity, effectiveness, genuineness or
value of any Loan Documents or any other Related Writing furnished pursuant hereto or in connection herewith or the value of any collateral obtained hereunder, and Agent shall be entitled to assume that the same are valid, effective and genuine and
what they purport to be. 
 Section 9.05 Agent and Affiliates. With respect to the Loans, Agent shall have the same rights and
powers hereunder as any other Bank and may exercise the same as though it were not Agent, and Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Company or any Affiliate thereof.

 Section 9.06 Knowledge of Default. It is expressly understood and agreed that Agent shall be entitled to assume that no
Default or Event of Default has occurred (other than an Event of Default under Section 7.01 hereof), unless Agent has been notified by a Bank in writing that such Bank believes that a Default or Event of Default has occurred and is continuing
and specifying the nature thereof or has been notified by Borrower pursuant to Section 5.13 hereof. 
 Section 9.07 Action By
Agent. Subject to the other terms and conditions hereof, so long as Agent shall be entitled, pursuant to Section 9.06 hereof, to assume that no Default or Event of Default shall have occurred and be continuing, Agent shall be entitled to
use its discretion with respect to exercising or refraining from exercising any rights that may be vested in it by, or with respect to taking or refraining from taking any action or actions that it may be able to take under or in respect of, this
Agreement. Agent shall incur no liability under or in respect of this Agreement by acting upon any notice, certificate, warranty or other paper or instrument believed by it to be genuine or authentic or to be signed by the proper party or parties,
or with respect to anything that it may do or refrain from doing in the reasonable exercise of its judgment, or that may seem to it to be necessary or desirable in the premises. 

Section 9.08 Notices, Default, Etc. In the event that Agent shall have acquired actual knowledge of any Default or Event of
Default, Agent shall promptly notify the Banks and shall take such action and assert such rights under this Agreement as the Required Banks shall direct and Agent shall promptly inform the other Banks in writing of the action taken. Subject to the
other terms and conditions hereof, Agent may take such action and assert such rights as it deems to be advisable, in its discretion, for the protection of the interests of the holders of the Notes. 

Section 9.09 Indemnification of Agent. The Banks agree to indemnify Agent (to the extent not reimbursed by Borrower) ratably,
according to their respective Commitment Percentages, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed
on, incurred by or asserted against Agent in its agency capacity in any way relating to or arising out of this Agreement or any Loan Document or any action taken or omitted by it with respect to this Agreement or any Loan Document, provided that no
Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, 

  
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judgments, suits, costs, expenses (including attorneys’ fees) or disbursements resulting from Agent’s gross negligence, willful misconduct or from any action taken or omitted by it in
any capacity other than as agent under this Agreement. 
 Section 9.10 Successor Agent. Agent may resign as agent hereunder by
giving not fewer than thirty (30) days prior written notice to Borrower and the Banks. If Agent shall resign under this Agreement, then either (a) the Required Banks shall appoint from among the Banks a successor agent for the Banks (with
the consent of Borrower so long as a Default or an Event of Default has not occurred and which consent shall not be unreasonably withheld), or (b) if a successor agent shall not be so appointed and approved within the thirty (30) day
period following Agent’s notice to the Banks of its resignation, then Agent shall appoint a successor agent that shall serve as agent until such time as the Required Banks appoint a successor agent. Upon its appointment, such successor agent
shall succeed to the rights, powers and duties as agent, and the term “Agent” shall mean such successor effective upon its appointment, and the former agent’s rights, powers and duties as agent shall be terminated without any other or
further act or deed on the part of such former agent or any of the parties to this Agreement. 
 Section 9.11 No Reliance on
Agent’s Customer Identification Program. Each Bank acknowledges and agrees that neither such Bank, nor any of its Affiliates, participants or assignees, may rely on Agent to carry out such Bank’s, Affiliate’s, participant’s
or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or
replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with Borrower, any other Company, their respective Affiliates or agents, the
Loan Documents or the transactions hereunder: (a) any identity verification procedures, (b) any record keeping, (c) any comparisons with government lists, (d) any customer notices or (e) any other procedures required under
the CIP Regulations or such other law. 
 Section 9.12 USA Patriot Act. Each Bank or assignee or participant of a Bank that is
not organized under the laws of the United States of America or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations because it is both
(a) an Affiliate of a depository institution or foreign bank that maintains a physical presence in the United States or foreign country, and (b) subject to supervision by a banking authority regulating such Affiliated depository
institution or foreign bank) shall deliver to Agent the certification, or, if applicable, recertification, certifying that such Bank is not a “shell” and certifying to other matters as required by Section 313 of the USA Patriot
Act and the applicable regulations: (i) within 10 days after the Closing Date and (ii) at such other times as are required under the USA Patriot Act. 

ARTICLE X. 
 MISCELLANEOUS 

Section 10.01 Banks’ Independent Investigation. Each Bank, by its signature to this Agreement, acknowledges and agrees that
Agent has made no representation or warranty, express or implied, with respect to the creditworthiness, financial condition, or any other condition of any Company or with respect to the statements contained in any information 

  
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memorandum furnished in connection herewith or in any other oral or written communication between Agent and such Bank. Each Bank represents that it has made and shall continue to make its own
independent investigation of the creditworthiness, financial condition and affairs of the Companies in connection with the extension of credit hereunder, and agrees that Agent has no duty or responsibility, either initially or on a continuing basis,
to provide any Bank with any credit or other information with respect thereto (other than such notices as may be expressly required to be given by Agent to the Banks hereunder), whether coming into its possession before the granting of the Loans
hereunder or at any time or times thereafter. 
 Section 10.02 No Waiver; Cumulative Remedies. No omission or course of dealing
on the part of Agent, any Bank or the holder of any Note in exercising any right, power or remedy hereunder or under any of the Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder or under any of the Loan Documents. The remedies herein provided are cumulative and in addition to any other rights, powers or
privileges held by operation of law, by contract or otherwise. 
 Section 10.03 Amendments; Consents. No amendment,
modification, termination, or waiver of any provision of any Loan Document nor consent to any variance therefrom, shall be effective unless the same shall be in writing and signed by the Required Banks and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given. Anything herein to the contrary notwithstanding, no such amendment, modification, termination, waiver or consent may be made with respect to (a) any increase
in the Total Commitment Amount without the unanimous consent of all of the Banks, (b) the extension of the Maturity Date, the payment date of interest or principal with respect thereto, or the payment date of fees or amounts payable hereunder
in each case without the consent of each Bank directly affected thereby, (c) any reduction in the rate of interest on the Loans, or in any amount of principal or interest due on any Loan, or any reduction in the amount of fees hereunder or any
change in the manner of pro rata application of any payments made by Borrower to the Banks hereunder in each case without the unanimous consent of all of the Banks, (d) any change in any percentage voting requirement, voting rights, or the
Required Banks definition in this Agreement in each case without the unanimous consent of all of the Banks, (e) the release of any Guarantor of Payment, if any, except in connection with a transaction permitted pursuant to Section 5.09
hereof, without the unanimous consent of all of the Banks or (f) any amendment to this Section 10.03 or Section 8.04 hereof without the unanimous consent of all of the Banks. In addition, the Commitment of any Bank may not be
increased without the prior written consent of such Bank (even if such Bank is a Defaulting Bank). Notice of amendments or consents ratified by the Banks hereunder shall immediately be forwarded by Agent to all Banks. Each Bank or other holder of a
Note shall be bound by any amendment, waiver or consent obtained as authorized by this Section, regardless of its failure to agree thereto. Notwithstanding anything to the contrary herein, no Defaulting Bank shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Banks may be effected with the consent of the applicable Banks other than Defaulting Banks), except that any
waiver, amendment or modification requiring the consent of all Banks that by its terms affects any Defaulting Bank disproportionately adversely relative to other affected Banks shall require the consent of such Defaulting Bank. 

  
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 Section 10.04 Notices. All notices, requests, demands and other communications
provided for hereunder shall be in writing and, if to Borrower, mailed or delivered to it, addressed to it at the address specified on the signature pages of this Agreement, if to a Bank, mailed or delivered to it, addressed to the address of such
Bank specified on the signature pages of this Agreement, or, as to each party, at such other address as shall be designated by such party in a written notice to each of the other parties. All notices, statements, requests, demands and other
communications provided for hereunder shall be given by overnight delivery or first class mail with postage prepaid by registered or certified mail, addressed as aforesaid, or sent by facsimile with telephonic confirmation of receipt, except that
all notices hereunder shall not be effective until received. 
 Section 10.05 Costs, Expenses and Taxes. Borrower agrees to pay
on demand all costs and expenses of Agent, including, but not limited to, (a) syndication, administration, travel and out-of-pocket expenses, including but not limited to attorneys’ fees and expenses, of Agent in connection with the
preparation, negotiation and closing of the Loan Documents and the administration of the Loan Documents, the collection and disbursement of all funds hereunder and the other instruments and documents to be delivered hereunder, (b) extraordinary
expenses of Agent in connection with the administration of the Loan Documents and the other instruments and documents to be delivered hereunder, and (c) the reasonable fees and out-of-pocket expenses of special counsel for Agent, with respect
to the foregoing, and of local counsel, if any, who may be retained by said special counsel with respect thereto. Borrower also agrees to pay on demand all costs and expenses of Agent and the Banks, including reasonable attorneys’ fees, in
connection with the restructuring or enforcement of the Debt owing by Borrower, this Agreement or any Related Writing. In addition, Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with
the execution and delivery of the Loan Documents to which Borrower is a party, and the other instruments and documents to be delivered hereunder, and agrees to hold Agent and each Bank harmless from and against any and all liabilities with respect
to or resulting from any delay in paying or omission to pay such taxes or fees. All obligations provided for in this Section 10.05 shall survive any termination of this Agreement. 

Section 10.06 Indemnification. Borrower agrees to defend, indemnify and hold harmless Agent and the Banks (and their respective
Affiliates, officers, directors, attorneys, agents and employees) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorneys’ fees) or disbursements of any
kind or nature whatsoever that may be imposed on, incurred by or asserted against Agent or any Bank in connection with any investigative, administrative or judicial proceeding (whether or not such Bank or Agent shall be designated a party thereto)
or any other claim by any Person relating to or arising out of any Loan Document or any actual or proposed use of proceeds of the Loans or any of the Debt, or any activities of any Company or any Obligor or any of their respective Affiliates;
provided that no Bank nor Agent shall have the right to be indemnified under this Section for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. All obligations
provided for in this Section 10.06 shall survive any termination of this Agreement. 
 Section 10.07 Obligations Several; No
Fiduciary Obligations. The obligations of the Banks hereunder are several and not joint. Nothing contained in this Agreement and no action 

  
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taken by Agent or the Banks pursuant hereto shall be deemed to constitute the Banks a partnership, association, joint venture or other entity. No default by any Bank hereunder shall excuse the
other Banks from any obligation under this Agreement; but no Bank shall have or acquire any additional obligation of any kind by reason of such default. The relationship among Borrower and the Banks with respect to the Loan Documents and the Related
Writings is and shall be solely that of debtor and creditors, respectively, and neither Agent nor any Bank shall have any fiduciary obligation toward Borrower with respect to any such documents or the transactions contemplated thereby. 

Section 10.08 Execution In Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

Section 10.09 Binding Effect; Borrower’ Assignment. This Agreement shall become effective when it shall have been executed by
Borrower, Agent and by each Bank and thereafter shall be binding upon and inure to the benefit of Borrower, Agent and each of the Banks and their respective successors and assigns, except that Borrower shall not have the right to assign its rights
hereunder or any interest herein without the prior written consent of Agent and all of the Banks. 
 Section 10.10 Assignments.

 (a) Each Bank shall have the right, in accordance with the terms and conditions of this Section 10.10, at any time or times to
assign to one or more commercial banks, finance companies, insurance companies or other financial institution or fund which, in each case, in the ordinary course of business extends credit of the type contemplated herein and whose becoming an
assignee would not constitute a prohibited transaction under Section 4975 of ERISA (each an “Eligible Assignee”), without recourse, all or a percentage of all of such Bank’s Commitment, all Loans made by such Bank, such
Bank’s Notes, and such Bank’s interest in any participation purchased pursuant to Section 2.01 or Section 8.04 hereof. 

(b) No assignment may be consummated pursuant to this Section 10.10 without the prior written consent of Borrower and Agent (other than
an assignment by any Bank to any Affiliate of such Bank which Affiliate is either wholly-owned by such Bank or is wholly-owned by a Person that wholly owns, either directly or indirectly, such Bank), which consent of Borrower and Agent shall not be
unreasonably withheld; provided, however, that, Borrower’s consent shall not be required if, at the time of the proposed assignment, any Default or Event of Default shall then exist. Anything herein to the contrary notwithstanding, any Bank may
at any time make a collateral assignment of all or any portion of its rights under the Loan Documents to a Federal Reserve Bank, and no such assignment shall release such assigning Bank from its obligations hereunder. 

(c) Each assignment made pursuant to this Section 10.10 shall be in a minimum amount of the lesser of Five Million Dollars ($5,000,000)
of the assignor’s Commitment and interest herein or the entire amount of the assignor’s Commitment and interest herein. 

  
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 (d) Unless an assignment made pursuant to this Section 10.10 shall be to an Affiliate of the
assignor or the assignment shall be due to merger of the assignor or for regulatory purposes, either the assignor or the assignee shall remit to Agent, for its own account, an administrative fee of Three Thousand Five Hundred Dollars ($3,500). 

(e) Unless an assignment made pursuant to this Section 10.10 shall be due to merger of the assignor or a collateral assignment for
regulatory purposes, the assignor shall (i) cause the assignee to execute and deliver to Borrower and Agent an Assignment Agreement and (ii) execute and deliver, or cause the assignee to execute and deliver, as the case may be, to Agent
such additional amendments, assurances and other writings as Agent may reasonably require. 
 (f) If an assignment made pursuant to this
10.10 is to be made to an assignee that is organized under the laws of any jurisdiction other than the United States or any state thereof, the assignor Bank shall cause such assignee, at least five Business Days prior to the effective date of such
assignment, (i) to represent to the assignor Bank (for the benefit of the assignor Bank, Agent and Borrower) that under applicable law and treaties no taxes will be required to be withheld by Agent, Borrower or the assignor with respect to any
payments to be made to such assignee in respect of the Loans hereunder, (ii) to furnish to the assignor (and, in the case of any assignee registered in the Register (as defined below), Agent and Borrower) either (A) U.S. Internal Revenue
Service Form W-8ECI or U.S. Internal Revenue Service Form W-8BEN or (B) United States Internal Revenue Service Forms W-8 or W-9, as applicable (wherein such
assignee claims entitlement to complete exemption from U.S. federal withholding tax on all interest payments hereunder), and (iii) to agree (for the benefit of the assignor, Agent and Borrower) to provide the assignor Bank (and, in the case of
any assignee registered in the Register, Agent and Borrower) a new Form W-8ECI or Form W-8BEN or Forms W-8 or W-9, as applicable, upon the expiration or obsolescence of
any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by such assignee, and to comply from time to time with all applicable U.S. laws and
regulations with regard to such withholding tax exemption. 
 (g) Upon satisfaction of all applicable requirements specified in subparts
(a) though (f) above, Borrower shall execute and deliver (i) to Agent, the assignor and the assignee, any consent or release (of all or a portion of the obligations of the assignor) required to be delivered by Borrower in connection
with the Assignment Agreement, and (ii) to the assignee or the assignor (if applicable), an appropriate Note or Notes. After delivery of the new Note or Notes, the assignor’s Note or Notes being replaced shall be returned to Borrower
marked “replaced”. 
 (h) Upon satisfaction of all applicable requirements specified in subparts (a) though (f) above,
and any other condition contained in this Section 10.10, (i) the assignee shall become and thereafter be deemed to be a “Bank” for the purposes of this Agreement, (ii) the Assignor shall be released from its obligations
hereunder to the extent its interest has been assigned, (iii) in the event that the assignor’s entire interest has been assigned, the assignor shall cease to be and thereafter shall no longer be deemed to be a “Bank” and
(iv) the signature pages hereto and Schedule 1 hereto shall be automatically amended, without further action, to reflect the result of any such assignment. 

  
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 (i) Agent shall maintain at the address for notices referred to in Section 10.04 hereof a
copy of each Assignment Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Banks and the Commitment of, and principal amount (and stated interest) of the Loans owing to, each
Bank from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and Borrower, Agent and the Banks may treat each financial institution whose name is recorded in the Register as the owner of the Loan
recorded therein for all purposes of this Agreement. The Register shall be available for inspection by Borrower or any Bank at any reasonable time and from time to time upon reasonable prior notice. 

Section 10.11 Participations. 

(a) Each Bank shall have the right at any time or times, without the consent of Agent or Borrower, to sell one or more participations or
sub-participations to a financial institution or other “accredited investor” (as defined in SEC Regulation D), as the case may be (each, a “Participant”), in all or any part of such Bank’s Commitment, such Bank’s
Commitment Percentage, any Loan made by such Bank, any Note delivered to such Bank pursuant to this Agreement, and such Bank’s interest in any participation, if any, purchased pursuant to, Section 8.04 or this Section 10.11. 

(b) The provisions of Article III and Section 10.06 shall inure to the benefit of each purchaser of participation or sub-participation
and Agent shall continue to distribute payments pursuant to this Agreement as if no participation has been sold. 
 (c) Any agreement or
instrument pursuant to which a Bank sells such a participation shall provide that such Bank 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 Bank will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 10.03 that affects such Participant. Borrower
agrees that each Participant shall be entitled to the benefits of Section 3.01, Section 3.04 and Section 3.02 (subject to the requirements and limitations therein, including the requirements under Section 3.02(f) (it being
understood that the documentation required under Section 3.02(f) shall be delivered to the participating Bank)) to the same extent as if it were a Bank 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 3.08 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under
Section 3.01 or Section 3.02, with respect to any participation, than its participating Bank 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 Bank that sells a participation agrees, at Borrower’ request and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section 3.08
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.04 as though it were a Bank. Each Bank that sells a participation shall, acting solely for this purpose as an
agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
“Participant Register”); provided  

  
 53 

 
that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Bank 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 Agent (in its capacity as Agent) shall have no responsibility for
maintaining a Participant Register. 
 (d) No participation or sub-participation shall operate as a delegation of any duty of the seller
thereof. 
 (e) Under no circumstance shall any participation or sub-participation be deemed a novation in respect of all or any part of the
seller’s obligations pursuant to this Agreement. 
 Section 10.12 Severability Of Provisions; Captions; Attachments. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. The several captions to Sections and subsections herein are inserted for convenience only and shall be ignored in interpreting the provisions of this Agreement.
Each schedule or exhibit attached to this Agreement shall be incorporated herein and shall be deemed to be a part hereof. 

Section 10.13 Investment Purpose. Each of the Banks represents and warrants to Borrower that it is entering into this Agreement
with the present intention of acquiring any Note issued pursuant hereto for investment purposes only and not for the purpose of distribution or resale, it being understood, however, that each Bank shall at all times retain full control over the
disposition of its assets. 
 Section 10.14 Entire Agreement. This Agreement, any Note and any other Loan Document or other
agreement, document or instrument attached hereto or executed on or as of the Closing Date integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings with
respect to the subject matter hereof. 
 Section 10.15 Governing Law; Submission to Jurisdiction. This Agreement, each of the
Notes and any Related Writing shall be governed by and construed in accordance with the laws of the State of Ohio and the respective rights and obligations of Borrower and the Banks shall be governed by Ohio law, without regard to principles of
conflict of laws. Borrower hereby irrevocably submits to the non-exclusive jurisdiction of any Ohio state or federal court sitting in Cleveland, Ohio, over any action or proceeding arising out of or relating
to this Agreement, the Debt or any Related Writing, and Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Ohio state or federal court. 

  
 54 

 
Borrower, on behalf of itself and its Subsidiaries, hereby irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying of venue in any
action or proceeding in any such court as well as any right it may now or hereafter have to remove such action or proceeding, once commenced, to another court on the grounds of FORUM NON CONVENIENS or otherwise. Borrower agrees that a final,
nonappealable 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. 

Section 10.16 Legal Representation of Parties. The Loan Documents were negotiated by the parties with the benefit of legal
representation and any rule of construction or interpretation otherwise requiring this Agreement or any other Loan Document to be construed or interpreted against any party shall not apply to any construction or interpretation hereof or thereof.

 Section 10.17 JURY TRIAL WAIVER. BORROWER, AGENT AND EACH OF THE BANKS WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE BANKS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH
THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 

[Remainder of page intentionally left blank] 

  
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 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 

											
	Address:	 	28601 Clemens Road	 		 	NORDSON CORPORATION
		 	Westlake, Ohio 44145	 		 		 		 	
		 	Attention: Vice President, Chief	 		 		 		 	
		 	Financial Officer	 		 		 		 	
					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	Gregory A. Thaxton
		 		 		 		 	Title:	 	Senior Vice President, Chief
		 		 		 		 		 	Financial Officer
				
	Address:	 	PNC Center	 		 	PNC BANK, NATIONAL ASSOCIATION,
		 	1900 East Ninth Street	 		 	as Administrative Agent and as a Bank
		 	Cleveland, Ohio 44114	 		 		 		 	
		 	Attention: Joseph G. Moran	 		 		 		 	
					
		 		 		 	By:	 	  

						
		 		 		 		 	Name:	 	  

						
		 		 		 		 	Title:	 	  

 [Other Signature Pages to Follow] 

 Schedule 1 

Banks and Commitments 
  

									
	 Bank
	  	Commitment Percentage	 	 	Commitment Amount	 
	 PNC Bank, National Association
	  	 	100	% 	 	$	100,000,000	  
		  	  
	  
	 	 	  
	  
	 
	 Total Commitment Amount:
	  	 	100.00	% 	 	$	100,000,000

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