Document:

Optimumbank Holdings, Inc. 2011 Equity Incentive Plan

 Exhibit 10.1 
 OPTIMUMBANK HOLDINGS, INC. 2011 EQUITY INCENTIVE PLAN 
 1. Plan Purpose. The
purpose of the Plan is to promote the long-term interests of the Company and its shareholders by providing a means for attracting and retaining directors and key employees of the Company and its Affiliates. 

2. Definitions. The following definitions are applicable to the Plan: 
 “Affiliate” means any “parent corporation” or “subsidiary corporation” of the Company as such terms are defined in Code sections 424(e) and (f), respectively.

 “Award” means the grant by the Compensation Committee and/or the Board of Directors of Incentive Stock Options,
Non-Qualified Stock Options, Restricted Shares, Performance Shares, Bonus Shares, or any combination thereof, as provided in the Plan. 

“Award Agreement” means the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan.

 “Company” means OptimumBank Holdings, Inc. 
 “Board” means the Board Directors of the Company. 
 “Bonus
Shares” mean shares awarded pursuant to Section 13. 
 “Cause” means, in connection with a Participant’s
termination of service, theft or embezzlement from the Company or any Affiliate, violation of a material term or condition of employment, disclosure of confidential information of the Company or any Affiliate, conviction of the Participant of a
crime of moral turpitude, stealing of trade secrets or intellectual property owned by the Company or any Affiliate, any act by the Participant in competition with the Company or any Affiliate, issuance of an order for removal of the Participant by
the Company’s banking regulator, or any other act, activity or conduct of a Participant which in the opinion of the Company is adverse to the best interests of the Company or any Affiliate. “Cause” shall also include any definition
included in the employment agreement between any plan participant and the Company or any of its subsidiaries. 
 “Change of
Control” a Change of Control shall mean: 
 (a) a merger in which the Company is not the surviving entity or a sale by the Company of
all or substantially all of its assets, 
 (b) the acquisition by any individual or group of the Company by means of a merger, consolidation or
purchase of 80% or more of its outstanding shares. The term “group” and the concept of beneficial ownership shall have such meanings ascribed thereto as set forth in the Exchange Act and the regulations and rules thereunder. 

(c) or the acquisition by any individual or group of beneficial ownership of more than 50% of the outstanding shares of the Company. The term
“group” and the concept of beneficial ownership shall have such meanings ascribed thereto, as set forth in the Exchange Act and the regulations and rules thereunder. 
 For purposes of this Plan, where a change of control of the Company results from a series of related transactions, the change of control of the Company shall be deemed to have occurred on the date of the
consummation of the first such transaction. 
 “Code” means the Internal Revenue Code of 1986, as amended, and its interpretive
regulations. 

 “Committee” means the Compensation Committee appointed by the Board pursuant to
Section 3 of the Plan. 
 “Continuous Service” means, in the case of an Employee, the absence of any interruption or
termination of service as an Employee of the Company or an Affiliate; and in the case of an individual who is not an Employee, the absence of any interruption or termination of the service relationship between the individual and the Company or an
Affiliate. Service will not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or in the case of a Participant’s transfer between the Company and an Affiliate or any
successor to the Company. 
 “Director” means any individual who is a member of the Board. 

“Disability” means total and permanent disability as determined by the Compensation Committee and/or the Board pursuant to Code section
22(e)(3). 
 “EBITDA” means earnings before interest, taxes, depreciation and amortization. 

“Employee” means any person, including an officer, who is employed by the Company or any Affiliate. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exercise Price” means the price per Share at which the Shares subject to an Option may be purchased upon exercise of the Option. 
 “Incentive Stock Option” means an option to purchase Shares granted by the Compensation Committee and/or Board of Directors pursuant to the terms of the Plan that is intended to qualify
under Code section 422. 
 “Market Value” means the last reported sale price on the trading date preceding the date in question
(or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) of the Shares on the Nasdaq Capital Market, or, if the Shares are not listed on the Nasdaq Capital Market, on the principal exchange on
which the Shares are listed for trading, or, if the Shares are not then listed for trading on any exchange, the mean between the closing high bid and low asked quotations of the Shares on the date in question as reported by NASDAQ or any similar
system then in use, or, if no such quotations are available, the fair market value on such date of the Shares as the Compensation Committee and/or Board of Directors shall determine. 
 “Non-Qualified Stock Option” means an option to purchase Shares granted by the Compensation Committee and/or the Board pursuant to the terms of the Plan, which option is not intended to
qualify under Code section 422. 
 “Option” means an Incentive Stock Option or a Non-Qualified Stock Option. 

“Participant” means any individual selected by the Compensation Committee and/or the Board to receive an Award. 

“Performance Cycle” means the period of time, designated by the Compensation Committee and/or the Board, over which Performance Shares
may be earned. 
 “Performance Shares” means Shares awarded pursuant to Section 12 of the Plan. 

“Plan” means the OptimumBank Holdings, Inc. 2011 Equity Incentive Plan. 
 “Restricted Period” means the period of time selected by the Compensation Committee and/or the Board for the purpose of determining when restrictions are in effect under Section 11
of the Plan with respect to Restricted Shares. 

 “Restricted Shares” means Shares that have been contingently awarded to a Participant by
the Compensation Committee and/or the Board subject to the restrictions referred to in Section 12 of the Plan, so long as such restrictions are in effect. 
 “Retirement” means, in the case of an Employee or Director, a termination of Continuous Service by reason of the Employee’s or Director’s retirement on or after the
Employee’s or Director’s 65th birthday.

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” means the shares of common stock, par value of $0.01 per share. 
 3.
Administration. The Plan will be administered by the Board and/or the Compensation Committee, which will consist of two or more members of the Board, each of whom will be independent directors as a “non-employee
director” as provided under Rule 16b-3 of the Exchange Act, an “outside director” as provided under Code section 162(m), and an “independent director” under Rule 5605(a)(2) of the NASDAQ Corporate Governance Rules, as
amended. The members of the Committee will be appointed by the Board. Except as limited by the express provisions of the Plan, the Board through its Compensation Committee will have sole and complete authority and discretion to (a) select
Participants and grant Awards; (b) determine the number of Shares to be subject to types of Awards generally, as well as to individual Awards granted under the Plan; (c) determine the terms and conditions upon which Awards will be granted
under the Plan including the vesting requirements of such Awards made under the Plan; (d) prescribe the form and terms of Award Agreements; (e) establish procedures and regulations for the administration of the Plan; (f) interpret the
Plan; and (g) make all determinations deemed necessary or advisable for the administration of the Plan. With respect to Director and Senior Executive Officers as it relates to (a) through (g) above, the Board will have sole and
complete authority and discretion. With respect to all other Officers and Employees, the Board or the Compensation Committee will have complete authority and discretion with regard to (a) through (g) above. 

A majority of the Compensation Committee and/or the Board will constitute a quorum, and the acts of a majority of the members present at any meeting at
which a quorum is present, or acts approved in writing by all members of the Compensation Committee and/or the Board without a meeting, will be acts of the Board. All determinations and decisions made by the Compensation Committee and/or the Board
pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. The Board hereby delegates this responsibility to its Compensation Committee. 

4. Participants. The Compensation Committee and/or the Board may select from time to time Participants in the Plan from those officers,
Directors, and Employees of the Company or its Affiliates who, in the opinion of the Compensation Committee and/or the Board, have the capacity for contributing in a substantial measure to the successful performance of the Company or its Affiliates.

 5. Substitute Options. In the event the Company or an Affiliate consummates a transaction described in Code
Section 424(a), persons who become Employees or Directors on account of such transaction may be granted Options in substitution for Options granted by the former employer. The Compensation Committee and/or the Board and consistent with Code
Section 424(a) shall determine the Exercise Price of the substitute Options. 
 6. Shares Subject to Plan, Limitations on Grants and
Exercise Price. Subject to adjustment by the operation of Section 14 hereof: 
  

	•	 	 The maximum number of Shares that may be issued with respect to Awards made under the Plan is 2,200,000 Shares, 

	•	 	 The Shares with respect to which Awards may be made under the Plan are authorized and unissued Shares. Any Award that expires, terminates or is
surrendered for cancellation, or with respect to Restricted Shares, which is forfeited (so long as any cash dividends paid on such Shares are also forfeited), may be subject to new Awards under the Plan with respect to the number of Shares as to
which a termination or forfeiture has occurred. Additionally, Shares that are withheld by the Company or delivered by the Participant to the Company in order to satisfy payment of the Exercise Price or any tax withholding obligation and Shares
granted pursuant to an Award Agreement which is subsequently settled in cash rather than Shares, may be subject to new Awards under the Plan. 

  

	•	 	 Notwithstanding any other provision under the Plan, the Exercise Price for any Option awarded under the Plan may not be less than the Market Value of
the Shares on the date of grant. 

 7. General Terms and Conditions of Options. 

 

	•	 	 The Compensation Committee and/or the Board will have full and complete authority and discretion, except as expressly limited by the Plan, to grant
Options and to prescribe the terms and conditions (which need not be identical among Participants) of the Options. Each Option will be evidenced by an Award Agreement that will specify: (i) the Exercise Price, (ii) the number of Shares
subject to the Option, (iii) the expiration date of the Option, (iv) the manner, time and rate (cumulative or otherwise) of exercise of the Option, (v) the restrictions, if any, to be placed upon the Option or upon Shares that may be
issued upon exercise of the Option, (vi) the conditions, if any, under which a Participant may transfer or assign Options, and (vii) any other terms and conditions as the Compensation Committee and/or the Board, in its sole discretion, may
determine. 

  

	•	 	 Other than in connection with a change in the Company’s capitalization (as described in Section 14 of the Plan), the Compensation Committee
and/or the Board shall not, without the further approval of the shareholders of the Company, authorize the amendment of any outstanding Option Award Agreement to reduce the Exercise Price. Furthermore, no Option shall be cancelled and replaced by
issuance to the same participant of an Option having a lower Exercise Price without further approval of the shareholders of the Company. 

 8. Exercise of Options. 
  

	•	 	 Except as provided in Section 16, an Option granted under the Plan will be exercisable only by the Participant, and except as provided in
Section 9 of the Plan, no Option may be exercised unless at the time the Participant exercises the Option, the Participant has maintained Continuous Service since the date of the grant of the Option. Options may be exercised for whole shares
only. If an option would otherwise be exercisable for fractional shares, the option is rounded down to nearest whole share amount. 

  

	•	 	 To exercise an Option under the Plan, the Participant must give written notice to the Company specifying the number of Shares with respect to which the
Participant elects to exercise the Option together with full payment of the Exercise Price. The date of exercise will be the date on which the notice is received by the Company. Payment may be made either (i) in cash (including check, bank
draft or money order), (ii) by tendering Shares already owned by the Participant for at least six (6) months prior to the date of exercise and having a Market Value on the date of exercise equal to the Exercise Price, or (iii) by
any other means determined by the Compensation Committee and/or the Board in its sole discretion. 

 9. Termination of
Options. Unless otherwise specifically provided elsewhere in the Plan or by the Compensation Committee and/or the Board in the Award Agreement or any amendment thereto, Options will terminate as provided in this Section. 

 

	•	 	 Unless sooner terminated under the provisions of this Section, Options will expire on the earlier of the date specified in the Award Agreement or the
expiration of ten (10) years from the date of grant. 

	•	 	 If the Continuous Service of a Participant is terminated for reason of Retirement, the Participant may exercise outstanding Options to the extent that
the Participant was entitled to exercise the Options at the date of cessation of Continuous Service, but only within the period of three (3) months immediately succeeding the Participant’s cessation of Continuous Service. Any unvested
options at the date of cessation of continuous service will be forfeited by the Participant. 

  

	•	 	 If the Continuous Service of a Participant is terminated for Cause, all rights under any Options granted to the Participant will terminate immediately
upon the Participant’s cessation of Continuous Service, and the Participant will (unless the Compensation Committee and/or the Board, in its sole discretion, waives this requirement) repay to the Company within ten (10) days the amount of
any gain realized by the Participant upon any exercise of an Option, awarded under the Plan, within three (3) months prior to the cessation of Continuous Service. 

 

	•	 	 If the Continuous Service of a Participant is terminated voluntarily by the Participant for any reason other than death, Disability, or Retirement, the
Participant may exercise outstanding Options to the extent that the Participant was entitled to exercise the Options at the date of cessation of Continuous Service, but only within the period of three (3) months immediately succeeding the
Participant’s cessation of Continuous Service, and in no event after the applicable expiration dates of the Options. 

  

	•	 	 If the Continuous Service of a Participant is terminated by the Company without Cause, the Participant may exercise outstanding Options to the extent
that the Participant was entitled to exercise the Options at the date of cessation of Continuous Service, but only within the period of three (3) months immediately succeeding the Participant’s cessation of Continuous Service, and in no
event after the applicable expiration dates of the Options; provided, however, that if a Participant is terminated by the Company without Cause within twelve months after a Change of Control, such Participant may exercise outstanding Options to the
extent he or she was entitled to exercise the Options at the date of cessation of Continuous Service, within the period of three (3) months immediately succeeding the cessation of Continuous Service but in no event after the applicable
expiration dates of the Options. 

  

	•	 	 In the event of the Participant’s death or disability, all Options heretofore granted and not fully exercisable will terminate immediately. The
Participant or the Participant’s beneficiary, as the case may be, may exercise all vested Options within the period of one (1) year immediately succeeding the Participant’s cessation of Continuous Service by reason of death or
Disability, and in no event after the applicable expiration date of the Options. 

  

	•	 	 Notwithstanding the provisions of the foregoing paragraphs of this Section 9, the Compensation Committee and/or the Board may, in its sole
discretion, establish different terms and conditions pertaining to the effect of the cessation of Continuous Service, to the extent permitted by applicable federal and state law. Additionally, notwithstanding the provisions of the foregoing
paragraphs of this Section 9, the Compensation Committee and/or the Board may, in its sole discretion, allow the exercise of an expired Option if the Compensation Committee and/or the Board determines that: (i) the expiration was solely
the result of the Company’s inability to execute the exercise of an Option due to conditions beyond the Company’s control, and (ii) the Participant made valid and reasonable efforts to exercise the Award. In the event the Compensation
Committee and/or the Board makes such a determination, the Company shall allow the exercise to occur as promptly as possible following its receipt of exercise instructions subsequent to such determination. 

10. Restrictive Covenants. In its discretion, the Compensation Committee and/or the Board may condition the grant of any Award under
the Plan upon the Participant agreeing to reasonable covenants in favor of the Company and/or any Affiliate (including, without limitation, covenants not to compete, not to solicit employees and customers, and not to disclose confidential
information) that may have effect following the termination of employment with the Company or any Affiliate. 

	•	 	 Incentive and Non-Qualified Stock Options. 

 

	•	 	 Incentive Stock Options may be granted only to Participants who are Employees. Any provisions of the Plan to the contrary notwithstanding, (i) no
Option will be granted more than ten (10) years from the earlier of the date the Plan is adopted by the Compensation Committee and/or the Board of the Company or approved by the Company’s shareholders, (ii) no Option will be
exercisable more than ten (10) years from the date the Option is granted, (iii) the Exercise Price of each Option will not be less than the Market Value per Share on the date such Option is granted, (iv) no Incentive Stock Option will
be transferable by the Participant to whom such Incentive Stock Option is granted other than by will or the laws of descent and distribution and will be exercisable during the Participant’s lifetime only by such Participant, (v) no
Incentive Stock Option will be granted that would permit a Participant to acquire, through the exercise of Incentive Stock Options in any calendar year, under all plans of the Company and its Affiliates, Shares having an aggregate Market Value
(determined as of the time any Incentive Stock Option is granted) in excess of $100,000 (determined by assuming that the Participant will exercise each Incentive Stock Option on the date that such Option first becomes exercisable), and (vi) no
Option may be exercised more than three (3) months after the Participant’s cessation of Continuous Service (one (1) year in the case of Disability) for any reason other than death. Notwithstanding the foregoing, in the case of any
Participant who, at the date of grant, owns as defined in Code section 424(d), shares possessing more than 10% of the total combined voting power of all classes of capital stock of the Company or any Affiliate, the Exercise Price of any Incentive
Stock Option will not be less than 110% of the Market Value per Share on the date such Incentive Stock Option is granted and such Incentive Stock Option shall not be exercisable more than five years from the date such Incentive Stock Option is
granted. 

  

	•	 	 Notwithstanding any other provisions of the Plan, if for any reason an Option granted under the Plan that is intended to be an Incentive Stock Option
fails to qualify as an Incentive Stock Option, such Option will be deemed to be a Non-Qualified Stock Option, and such Option will be deemed to be fully authorized and validly issued under the Plan. 

11. Terms and Conditions of Restricted Shares. The Compensation Committee and/or the Board will have full and complete authority, subject
to the limitations of the Plan, to grant Awards of Restricted Shares and to prescribe the terms and conditions (which need not be identical among Participants) in respect of the Awards. Unless the Compensation Committee and/or the Board otherwise
specifically provides in the Award Agreement, an Award of Restricted Shares will be subject to the following provisions: 
  

	•	 	 At the time of an Award of Restricted Shares, the Compensation Committee and/or the Board will establish for each Participant a Restricted Period
during which, or at the expiration of which, the Restricted Shares will vest; but in no event earlier than one year from grant date. Subject to paragraph (e) of this Section, the Participant will have all the rights of a shareholder with
respect to the Restricted Shares, including, but not limited to, the right to receive all dividends paid on the Restricted Shares and the right to vote the Restricted Shares. The Compensation Committee and/or the Board will have the authority, in
its discretion, to accelerate the time at which any or all of the restrictions will lapse with respect to any Restricted Shares prior to the expiration of the Restricted Period, or to remove any or all restrictions, whenever it may determine that
such action is appropriate by reason of changes in applicable tax or other laws or other changes in circumstances occurring after the commencement of the Restricted Period. 

 

	•	 	 Subject to Section 15, if a Participant ceases Continuous Service for any reason before the Restricted Shares have vested, a Participant’s
rights with respect to the unvested portion of the Restricted Shares will terminate and be returned to the Company. 

  

	•	 	 Each certificate issued in respect to Restricted Shares will be registered in the name of the Participant and deposited by the Participant, together
with a stock power endorsed in blank, with the Company and will bear a legend referring to the terms, conditions and restrictions applicable to such shares. 

	•	 	 At the time of an Award of Restricted Shares, the Participant will enter into an Award Agreement with the Company in a form specified by the
Compensation Committee and/or the Board agreeing to the terms and conditions of the Award. 

  

	•	 	 At the expiration of the restrictions imposed by this Section, the Company will redeliver to the Participant the certificate(s) and stock powers,
deposited with the Company pursuant to paragraph (c) of this Section and the Shares represented by the certificate(s) will be free of all restrictions. 

 

	•	 	 No Award of Restricted Shares may be assigned, transferred or encumbered. 

 12. Performance Shares. 
  

	•	 	 The Compensation Committee and/or the Board, may from time to time authorize the grant of Performance Shares upon the achievement of performance goals
(which may be cumulative and/or alternative) within a designated Performance Cycle as may be established, in writing, by the Compensation Committee and/or the Board based on any one or any combination of the following business criteria (the
“Performance Goals”): (i) earnings per Share; (ii) return on equity; (iii) return on assets; (iv) operating income; (v) market value per Share; (vi) EBITDA; (vii) cash flow; (viii) net income (before
or after taxes); (ix) changes in the Company’s efficiency ratio (the ratio of non-interest expense to the sum of non-interest income plus taxable equivalent net-interest income); (x) improvements in the Company’s credit quality
as measured by changes to the Company’s allowance for loan losses, the ratio of the allowance for loan losses to total loans, net of unearned income, or the ratio of net charge-offs to average loans, net of unearned income; (xi) enterprise
value added (“EVA”); (xii) market value added (“MVA”); (xiii) fee income; (xiv) net interest income; (xv) growth in loans; (xvi) growth in deposits; (xvii) total return to shareholders; and
(xviii) other criteria determined by the Compensation Committee and/or the Board. 

  

	•	 	 As determined in the discretion of the Compensation Committee and/or the Board of Directors, performance goals may differ among Participants and/or
relate to performance on a Company-wide or divisional basis. 

  

	•	 	 At such time as it is certified, in writing, by the Compensation Committee and/or the Board that the Performance Goals established by the Compensation
Committee and/or the Board have been attained or otherwise satisfied within the Performance Cycle, the Compensation Committee and/or the Board will authorize the payment of Performance Shares in the form of Shares registered in the name of the
Participant. Payment shall be made in a lump sum following the close of the applicable Performance Cycle. 

  

	•	 	 The grant of an Award of Performance Shares will be evidenced by an Award Agreement containing the terms and conditions of the Award as determined by
the Compensation Committee and/or the Board. To the extent required under Code section 162(m), the business criteria under which Performance Goals are determined by the Compensation Committee and/or the Board will be resubmitted to shareholders for
reapproval no later than the first shareholder meeting that occurs in the fifth year following the year in which shareholders previously approved the Plan. 

 

	•	 	 Subject to Section 15, if the Participant ceases Continuous Service before the end of a Performance Cycle for any reason other than Disability or
death, the Participant will forfeit all rights with respect to any Performance Shares that were being earned during the Performance Cycle. The Compensation Committee and/or the Board may establish guidelines providing that if a Participant ceases
Continuous Service before the end of a Performance Cycle by reason of Disability or death, the Participant will be entitled to a prorated payment with respect to any Performance Shares that were being earned during the Performance Cycle.

 13. Bonus Shares and Awards in Lieu of Obligations. The Compensation Committee and/or the Board is authorized
to grant to Participants Shares as a bonus or in consideration for past services actually rendered for the company or an Affiliate, or to grant Shares or other Awards in lieu of obligations of the Company or an Affiliate to

 
pay cash or deliver other property under the Plan or under other plans or compensatory arrangements, subject to such terms and/or agreements with the Participant as shall be determined by the
Compensation Committee and/or the Board. 
 14. Adjustments Upon Changes in Capitalization. In the event of any change in the
outstanding Shares subsequent to the effective date of the Plan by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of Shares, merger or consolidation (in each case where the shares of the Company
are converted into stock and/or cash of another entity), or any change in the corporate structure affecting the Shares of the Company, the maximum aggregate number and class of Shares as to which Awards may be granted under the Plan and the number
and class of Shares, and the exercise price and base price, with respect to which Awards theretofore have been granted under the Plan will be appropriately adjusted by the Compensation Committee and/or the Board to prevent the dilution or diminution
of Awards. The Compensation Committee and/or the Board’s determination with respect to any adjustments will be conclusive. Any Shares or other securities received, as a result of any of the foregoing, by a Participant with respect to Restricted
Shares will be subject to the same restrictions and the certificate(s) or other instruments representing or evidencing the Shares or other securities will be legended and deposited with the Company in the manner provided in Section 12 of this
Agreement. 
 15. Effect of Change of Control.  
  

	•	 	 If the Continuous Service of any Participant of the Company or any Affiliate is involuntarily terminated, for whatever reason except for Cause, at any
time within twelve (12) months after a Change of Control, unless the Compensation Committee and/or the Board has otherwise provided in the Award Agreement, (i) any Restricted Period with respect to an Award of Restricted Shares will lapse
upon the Participant’s termination of Continuous Service and all Restricted Shares will become fully vested in the Participant to whom the Award was made; and (ii) with respect to Performance Shares, the Participant will be entitled to
receive a prorata payment to the same extent as if the Participant ceases Continuous Service by reason of death or Disability under Section 12 of the Plan. 

 

	•	 	 If a Change of Control occurs, unless the Compensation Committee and/or the Board has otherwise provided in the Award Agreement, all Option Awards
theretofore granted and not fully exercisable will become exercisable in full upon the happening of such event and will remain exercisable in accordance with their terms; provided, however, that no Option which has previously been exercised or
otherwise terminated will become exercisable. 

 16. Assignments and Transfers. No Award nor any right or
interest of a Participant in any Award under the Plan may be assigned, encumbered or transferred otherwise than by will or the laws of descent and distribution. Notwithstanding the foregoing, the Compensation Committee and/or the Board may, in its
sole discretion, set forth in an Award Agreement at the time of grant or thereafter, that the Award (other than Options) may be transferred to members of the Participant’s immediate family, to one or more trusts solely for the benefit of such
immediate family members and to partnerships in which such family members or trusts are the only partners. For this purpose, immediate family means the Participant’s spouse, parents, children, step-children, grandchildren and legal dependents.
Any transfer of an Award under this provision will not be effective until notice of such transfer is delivered to the Company. 
 17.
Employee Rights Under the Plan. No officer, Director, Employee or other person will have a right to be selected as a Participant nor, having been so selected, to be selected again as a Participant, and no officer, Director, Employee or
other person will have any claim or right to be granted an Award under the Plan or under any other incentive or similar plan of the Company or any Affiliate. Neither the Plan nor any action taken under the Plan will be construed as giving any
Employee, Director or other person, any right to Continuous Service. 
 18. Delivery and Registration of Shares. The
Company’s obligation to deliver Shares with respect to an Award will, if the Company requests, be conditioned upon the receipt of a representation as to the investment intention of 

 
the Participant to whom such Shares are to be delivered, in such form as the Compensation Committee and/or the Board will determine to be necessary or advisable to comply with the provisions of
the Securities Act or any other applicable federal or state securities laws. It may be provided that any representation requirement will become inoperative upon a registration of the Shares or other action eliminating the necessity of the
representation under the Securities Act or other state securities laws. The Company will not be required to deliver any Shares under the Plan prior to (a) the admission of such Shares to listing on any stock exchange or system on which Shares
may then be listed, and (b) the completion of any registration or other qualification of the Shares under any state or federal law, rule or regulation, as the Company determines to be necessary or advisable. 

19. Withholding Tax. Prior to the delivery of any Shares or cash pursuant to an Award, the Company has the right and power to deduct or
withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy all applicable tax withholding requirements. The Board, in its sole discretion and pursuant to such procedures as it may specify from time to time, may
permit or require a Participant to satisfy all or part of the tax withholding obligations in connection with an Award by (a) having the Company withhold otherwise deliverable Shares, or (b) delivering to the Company Shares already owned
for a period of at least six months and having a value equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount that the Compensation Committee and/or the Board determines, not to
exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined for these purposes. For
these purposes, the value of the Shares to be withheld or delivered will be equal to the Market Value as of the date that the taxes are required to be withheld. 
 20. Termination, Amendment and Modification of Plan. The Compensation Committee and/or the Board may at any time terminate, and may at any time and from time to time and in any respect amend
or modify the Plan; provided, however, that to the extent necessary and desirable to comply with Rule 16b-3 under the Exchange Act or Code section 422 (or any other applicable law or regulation, including requirements of any stock exchange
or quotation system on which the Company’s common stock is listed or quoted), shareholder approval of any Plan amendment will be obtained in the manner and to the degree as is required by the applicable law or regulation; and provided further,
that no termination, amendment or modification of the Plan will in any manner affect any Award theretofore granted pursuant to the Plan without the consent of the Participant to whom the Award was granted or the transferee of the Award. 

21. Effective Date and Term of Plan. The Plan will become effective upon its adoption by the Compensation Committee and/or the Board and
shareholders of the Company. Unless sooner terminated pursuant to Section 20, no further Awards may be made under the Plan after ten (10) years from the effective date of the Plan. 
 22. Governing Law. The Plan and Award Agreements will be construed in accordance with and governed by the internal laws of the State of Florida. 

23. Repricing of Options. Nothing in this Plan shall permit the repricing of any outstanding options other than (a) with the prior
approval of the Company’s shareholders, or (b) pursuant to Section 15. The foregoing restriction shall also apply to any other transaction which would be treated as a repricing of outstanding options under generally accepted
accounting principles. 
 24. Compliance with Section 409A of the Code. To the extent applicable, it is intended that this
Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) do not apply to a Participant. This Plan shall be administered in a manner consistent with this intent, and any
provision that would cause the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by
Section 409A of the Code and may be made by the Company without the consent of the Participant).Amendment to Credit Agreement

 Exhibit 10.1 
 AMENDMENT NUMBER THREE TO CREDIT AGREEMENT 
 This AMENDMENT NUMBER THREE TO
CREDIT AGREEMENT, (this “Amendment”), dated as of December 29, 2011, is entered into by and among ACTUATE CORPORATION, a Delaware corporation (the “Borrower”), the lenders identified on the signature
pages hereof (such lenders, and the other lenders party to the below-defined Credit Agreement, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity,
together with any successor administrative agent, the “Agent”), and in light of the following: 
 W
I T N E S S E T H 
 WHEREAS, Borrower, Lenders, and
Agent are parties to that certain Credit Agreement, dated as of November 3, 2008 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, Borrower has requested that Agent and Lenders make certain amendments to the Credit Agreement and, upon the terms and
conditions set forth herein, Agent and Lenders are willing to accommodate Borrower’s requests. 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the
Credit Agreement, as amended hereby. 
 2. Amendments to Credit Agreement. 

(a) Schedule 1.1 of the Credit Agreement is hereby amended and modified by amending and restating, or adding (as applicable) the
following definitions in the appropriate alphabetical order: 
 ““Applicable Margin” means, as of any
date of determination (with respect to (i) any portion of the outstanding Advances on such date that is a Base Rate Loan or a LIBOR Rate Loan, or (ii) if applicable, a Letter of Credit fee), 1.75 percentage points.” 

““Available Increase Amount” means, as of any date of determination, an amount equal to the result of
(a) $25,000,000 minus (b) the aggregate principal amount of Increases to the Revolver Commitments previously made pursuant to Section 2.14 of the Agreement.” 

““EBITDA” means, with respect to any fiscal period, determined on a consolidated basis in accordance with GAAP:

 (a) Borrower’s consolidated net earnings (or loss), 

minus 

  
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 (b) each of the following, without duplication, during such period: Borrower’s
(i) extraordinary gains, (ii) interest income, and (iii) any software development costs to the extent capitalized, 
 plus 
 (c) each of the following, without duplication, during such period:
Borrower’s (i) non-cash extraordinary losses, (ii) interest expenses, (iii) income taxes, (iv) depreciation and amortization, (v) non-cash expenses incurred in connection with the issuance of stock options and
restricted stock units, and Permitted Stock Repurchases, (vi) “one-time” cash restructuring charges incurred for severance costs, employee termination costs, or the disposition of excess facilities in an amount not to exceed
$1,000,000 per fiscal year, (vii) to the extent not capitalized, expenses incurred in connection with the Agreement, (viii) the amortization of purchased technology and other intangible assets, (ix) “one-time” noncash
impairment charges, (x) Acquisition related expenses not to exceed 5% of the purchase price of such Permitted Acquisition incurred within 180 days of such Acquisition, and (xi) with respect to any Permitted Acquisitions: (1) purchase
accounting adjustments, including, without limitation, a dollar for dollar adjustment for that portion of revenue that would have been recorded in the relevant period had the balance of deferred revenue (unearned income) recorded on the closing
balance sheet and before application of purchase accounting not been adjusted downward to fair value to be recorded on the opening balance sheet in accordance with GAAP purchase accounting rules, and (2) non-cash adjustments in accordance with
GAAP purchase accounting rules under FASB Statement No. 141 and EITF Issue No. 01-3, in the event that such an adjustment is required by Borrower’s independent auditors, in each case, as determined in accordance with GAAP. 

For the purposes of calculating EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”),
if at any time during such Reference Period (and after the Closing Date) Borrower or any of its Subsidiaries shall have made a Permitted Acquisition, EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto in
accordance with Regulation S-X promulgated under the Exchange Act or in such other manner acceptable to the Agent as if the Permitted Acquisition occurred on the first day of such Reference Period.” 

““Lender Group Expenses” means all (a) costs or expenses (including taxes, and insurance premiums) required
to be paid by Borrower or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b) out-of-pocket fees or charges paid or incurred by Agent in connection with the Lender Group’s
transactions with Borrower or its Subsidiaries under any of the Loan Documents, including, fees or charges for background checks, OFAC/PEP searches, photocopying, notarization, couriers and messengers, telecommunication, public record searches
(including tax lien, litigation, and UCC searches and including searches with the patent and trademark office, the copyright office, or the department of motor vehicles), filing fees, recording fees, publication, appraisal (including periodic
collateral appraisals or business valuations to the extent of the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Fee Letter), real estate surveys, real estate title policies and endorsements, and
environmental audits, (c) Agent’s customary fees and charges (as adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of Borrower (whether by wire transfer or otherwise),
together with any out-of-pocket costs and expenses incurred in connection therewith, (d) customary charges imposed or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (e) reasonable documented
out-of-pocket costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling,
preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (f) reasonable out-of-pocket audit fees and expenses (including travel,
meals, and 

  
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lodging) of Agent related to any inspections or audits to the extent of the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Fee Letter,
(g) reasonable out-of-pocket costs and expenses of third party claims or any other suit paid or incurred by the Lender Group in enforcing or defending the Loan Documents or in connection with the transactions contemplated by the Loan Documents
or the Lender Group’s relationship with Borrower or any of its Subsidiaries, (h) Agent’s reasonable costs and expenses (including reasonable attorneys fees) incurred in advising, structuring, drafting, reviewing, administering
(including travel, meals, and lodging), syndicating, or amending the Loan Documents, (i) Agent’s and each Lender’s reasonable costs and expenses (including reasonable attorneys, accountants, consultants, and other advisors fees and
expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning
Borrower or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether suit is brought, or in taking any Remedial Action concerning the Collateral, and (j) the
fees, charges, commissions and costs provided for in Section 2.11(e) of the Agreement (including any issuance or fronting fees) and all other fees, charges, commissions, costs and expenses for amendments, renewals, extensions, transfers,
or drawings from time to time charged by the Underlying Issuer or incurred or charged by Issuing Lender in respect of Letters of Credit and out-of-pocket fees, costs, and expenses charged by the Underlying Issuer or incurred or charged by Issuing
Lender in connection with the issuance, amendment, renewal, extension, or transfer of, or drawing under, any Letter of Credit or any demand for payment thereunder. 
 ““Loan” shall mean any Advance, Swing Loan, Protective Advance or Overadvance made hereunder.” 
 ““Maximum Revolver Amount” means $50,000,000, decreased by the amount of reductions in the Revolver Commitments made in accordance with Section 2.4(c) of the Agreement,
or increased by the amount of Increases made in accordance with Section 2.14 of the Agreement.” 

““Third Amendment” means that certain Amendment Number Three to Credit Agreement, dated as of the Third Amendment
Closing Date, by and among Borrower, Agent, and the lenders identified on the signature pages thereof.” 

““Third Amendment Closing Date” means December 29, 2011.” 

(b) The definition of “Permitted Investments” appearing in Schedule 1.1 to the Credit Agreement is hereby amended by
(i) deleting the text “and” immediately preceding clause (p), and (ii) adding the following new clause (o) immediately succeeding clause (n) and immediately preceding clause (p): 

“(o) the formation of a Subsidiary solely for the purpose of consummating a Permitted Acquisition involving such Subsidiary.”

 (c) Section 1.2 of the Credit Agreement is hereby amended by amending and restating such section in its entirety
as follows: 
 “1.2. Accounting Terms. All accounting terms not specifically defined herein shall be
construed in accordance with GAAP; provided, that if Borrower notifies Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date or in the application
thereof on the operation of such provision (or if Agent notifies Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such

  
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Accounting Change or in the application thereof, then Agent and Borrower agree that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected by
such Accounting Change with the intent of having the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such
amendments have been agreed upon and agreed to by the Required Lenders, the provisions in this Agreement shall be calculated as if no such Accounting Change had occurred. When used herein, the term “financial statements” shall include the
notes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related definition, it shall be understood to mean Borrower and its Subsidiaries on a consolidated basis, unless the context clearly
requires otherwise.” 
 (d) Section 1.4 of the Credit Agreement is hereby amended by adding the words “or
Bank Product Collateralization” after the words “providing Letter of Credit Collateralization” in the sixth sentence of such section. 
 (e) Section 2.10(b) of the Credit Agreement is hereby amended by replacing the reference to “0.50%” with “0.30%”. 

(f) The Credit Agreement is hereby amended by adding the following Section 2.14: 

“2.14 Accordion. 
 (a) At any time during the period from and after the Third Amendment Closing Date through but excluding the date that is eighteen (18) months after the Third Amendment Closing Date, at the option of
Borrower (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum
Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase
its Revolver Commitments) in connection with a proposed Increase at the interest margin proposed by Borrower, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or
Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $5,000,000 and integral multiples of $1,000,000
in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 5 occasions in the aggregate for all such Increases. Additionally, for the avoidance of
doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000. 
 (b) Each of the following shall be conditions precedent to any Increase of the Revolver Commitments and the Maximum Revolver Amount in connection therewith: 

(i) Agent or Borrower have obtained the commitment of one or more Lenders (or other prospective lenders) reasonably
satisfactory to Agent and Borrower to provide the applicable Increase and any such Lenders (or prospective lenders), Borrower, and Agent have signed a joinder agreement to this Agreement (an “Increase Joinder”), in form and
substance reasonably satisfactory to Agent, to which such Lenders (or prospective lenders), Borrower, and Agent are party, 

  
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 (ii) each of the conditions precedent set forth in Section 3.2
are satisfied, 
 (iii) Borrower has delivered to Agent updated pro forma Projections (after giving effect to the
applicable Increase) for Borrower and its Subsidiaries evidencing that Borrower would achieve EBITDA (without regard to whether a Financial Covenant Triggering Event has occurred) the four fiscal quarters (on a quarter-by-quarter
basis) ended immediately following the proposed date of the applicable Increase of not less than the amount specified for each such period in Section 7(a)(iii), in form reasonably acceptable to Agent and together with appropriate
supporting details and a statement of appropriate underlying assumptions, 
 (iv) Borrower has delivered to Agent
updated pro forma Projections (after giving effect to the applicable Increase) for Borrower and its Subsidiaries evidencing compliance on a pro forma basis with Section 7 for the 4 fiscal quarter periods (on a quarter-by-quarter basis)
immediately following the proposed date of the applicable Increase, in form reasonably acceptable to Agent, and together with appropriate supporting details and a statement of appropriate underlying assumptions, 

(v) Borrower shall have paid to Agent all fees due and payable as of the Increase Date pursuant to the Fee Letter, and

 (vi) Borrower shall have reached agreement with the Lenders (or prospective lenders) agreeing to the
increased Revolver Commitments with respect to the interest margins applicable to Advances to be made pursuant to the increased Revolver Commitments (which interest margins may be with respect to Advances made pursuant to the increased Revolver
Commitments, higher than or equal to the interest margins applicable to Advances set forth in this Agreement immediately prior to the date of the increased Revolver Commitments (the date of the effectiveness of the increased Revolver Commitments and
the Maximum Revolver Amount, the “Increase Date”)) and shall have communicated the amount of such interest margins to Agent. Any Increase Joinder may, with the consent of Agent, Borrower and the Lenders or prospective lenders
agreeing to the proposed Increase, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate to effectuate the provisions of this Section 2.14 (including any amendment necessary to
effectuate the interest margins for the Advances to be made pursuant to the increased Revolver Commitments). Anything to the contrary contained herein notwithstanding, if the interest margin that is to be applicable to the Advances to be made
pursuant to the increased Revolver Commitments are higher than the interest margin applicable to the Advances or immediately prior to the applicable Increase Date (the amount by which the interest margin is higher, the “Excess”),
then the interest margin applicable to the Advances immediately prior to the Increase Date shall be increased by the amount of the Excess, effective on the applicable Increase Date, and without the necessity of any action by any party hereto.

 (d) Unless otherwise specifically provided herein, all references in this Agreement and any other Loan
Document to Advances shall be deemed, unless the context otherwise requires, to include Advances made pursuant to the increased Revolver Commitments and Maximum Revolver Amount pursuant to this Section 2.14. 

(e) Each of the Lenders having a Revolver Commitment prior to the Increase Date (the “Pre-Increase
Revolver Lenders”) shall assign to any Lender which is acquiring a new or additional Revolver Commitment on the Increase Date (the “Post-Increase Revolver Lenders”), and such Post-Increase Revolver Lenders shall
purchase from each Pre-Increase Revolver Lender, at the principal amount thereof, such interests in the Advances and 

  
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participation interests in Letters of Credit on such Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Advances and participation
interests in Letters of Credit will be held by Pre-Increase Revolver Lenders and Post-Increase Revolver Lenders ratably in accordance with their Pro Rata Share after giving effect to such increased Revolver Commitments. 

(f) The Advances, Revolver Commitments, and Maximum Revolver Amount established pursuant to this Section 2.14
shall constitute Advances, Revolver Commitments, and Maximum Revolver Amount under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally
and ratably from any guarantees and the security interests created by the Loan Documents. Borrower shall take any actions reasonably required by Agent to ensure and demonstrate that the Liens and security interests granted by the Loan Documents
continue to be perfected under the Code or otherwise after giving effect to the establishment of any such new Revolver Commitments and Maximum Revolver Amount.” 
 (g) Section 3.3 of the Credit Agreement is hereby amended by replacing the reference to “November 3, 2012” with “November 3, 2015”. 

(h) Section 5.11 of the Credit Agreement is hereby amended by adding the following text immediately after the last sentence
of such Section: 
 “; provided, however, that if any Loan Party forms a Subsidiary for
the sole purpose of acquiring a Person pursuant to a Permitted Acquisition or any other Acquisition to which the Required Lenders have consented in writing (it being understood and agreed that the formation of such Subsidiary is permitted pursuant
to clause (o) of the definition of Permitted Investments) and such Subsidiary will be merged into another Loan Party or Subsidiary in connection with such Acquisition within 60 days (or such longer period of time agreed to by Agent in writing
in its sole discretion) after the consummation of such Permitted Acquisition, then the Loan Parties shall not be required to comply with this Section 5.11 with respect to such Subsidiary until the date that is 60 days after the
consummation of such Permitted Acquisition (or such longer period of time agreed to by Agent in writing in its sole discretion); provided further, however, that in any event, the Loan Parties shall be required to comply with
this Section 5.11 with respect to such Subsidiary or shall dissolve such Subsidiary by the date that is 90 days after the formation of such Subsidiary (and if the Board of Directors approves such Permitted Acquisition, such 90-day period
shall be automatically extended to a date that is 90 days after the date on which the Board of Directors approves of such Permitted Acquisition); provided further, however, that after the consummation of a Permitted Acquisition
with such Subsidiary, none of the Loan Parties or their Subsidiaries shall be required to comply with this Section 5.11 with respect to such Subsidiary if the assets owned by such Subsidiary are less than or equal to $250,000,”

 (i) Section 5.12 of the Credit Agreement is hereby amended by adding the following sentence immediately after the
last sentence of such Section: 
 “Notwithstanding anything in this Section 5.12 to the
contrary, if any Loan Party forms a Subsidiary for the sole purpose of acquiring a Person pursuant to a Permitted Acquisition or any other Acquisition to which the Required Lenders have consented in writing (it being understood and agreed that
the formation of such Subsidiary is permitted pursuant to clause (o) of the definition of Permitted Investments) and such Subsidiary will be merged into another Loan Party or Subsidiary in connection with such Acquisition within 60 days (or
such longer period of time agreed to by Agent in writing in its sole discretion) after the consummation of such Permitted Acquisition, then the Loan 

  
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Parties shall not be required to comply with this Section 5.12 with respect to such Subsidiary until the date that is 60 days after the consummation of such Permitted Acquisition (or
such longer period of time agreed to by Agent in writing in its sole discretion); provided further, however, that in any event, the Loan Parties shall be required to comply with this Section 5.12 with respect to such
Subsidiary or shall dissolve such Subsidiary by the date that is 90 days after the formation of such Subsidiary (and if the Board of Directors approves of such Permitted Acquisition, such 90-day period shall be automatically extended to a date that
is 90 days after the date on which the Board of Directors approves such Permitted Acquisition); provided further, however, that after the consummation of a Permitted Acquisition with such Subsidiary, none of the Loan Parties or
their Subsidiaries shall be required to comply with this Section 5.12 with respect to such Subsidiary if the assets owned by such Subsidiary are less than or equal to $250,000,” 

(j) Section 7(a) of the Credit Agreement is hereby amended by deleting the table in clause (iii) of such section in its
entirety and by inserting the following table: 
  

			
	 Applicable Amount
	  	 Applicable Period

		
	 $25,309,000
	  	 For the 4 quarter period
 ending December 31, 2008

		
	 $25,271,000
	  	 For the 4 quarter period
 ending March 31, 2009

		
	 $22,513,000
	  	 For the 4 quarter period
 ending June 30, 2009

		
	 $20,773,000
	  	 For the 4 quarter period
 ending September 30, 2009

		
	 $20,499,000
	  	 For the 4 quarter period
 ending December 31, 2009

		
	 $20,756,000
	  	 For the 4 quarter period
 ending March 31, 2010

		
	 $21,193,000
	  	 For the 4 quarter period
 ending June 30, 2010

		
	 $21,765,000
	  	 For the 4 quarter period
 ending September 30, 2010

		
	 $22,485,000
	  	 For the 4 quarter period
 ending December 31, 2010

		
	 $22,779,000
	  	 For the 4 quarter period
 ending March 31, 2011

		
	 $23,279,000
	  	 For the 4 quarter period
 ending June 30, 2011

		
	 $23,934,000
	  	 For the 4 quarter period
 ending September 30, 2011

  
 7 

			
		
	 $24,758,000
	  	 For the 4 quarter period
 ending December 31, 2011

		
	 $25,090,000
	  	 For the 4 quarter period
 ending March 31, 2012

		
	 $25,656,000
	  	 For the 4 quarter period
 ending June 30, 2012

		
	 $26,397,000
	  	 For the 4 quarter period
 ending September 30, 2012

		
	 $27,233,800
	  	 For the 4 quarter period
 ending December 31, 2012

		
	 $27,599,000
	  	 For the 4 quarter period
 ending March 31, 2013

		
	 $28,221,600
	  	 For the 4 quarter period
 ending June 30, 2013

		
	 $29,036,700
	  	 For the 4 quarter period
 ending September 30, 2013

		
	 $29,957,180
	  	 For the 4 quarter period
 ending December 31, 2013

		
	 $30,358,900
	  	 For the 4 quarter period
 ending March 31, 2014

		
	 $31,043,760
	  	 For the 4 quarter period
 ending June 30, 2014

		
	 $31,940,370
	  	 For the 4 quarter period
 ending September 30, 2014

		
	 $32,952,898
	  	 For the 4 quarter period
 ending December 31, 2014

		
	 $33,394,790
	  	 For the 4 quarter period
 ending March 31, 2015

		
	 $34,148,136
	  	 For the 4 quarter period
 ending June 30, 2015

		
	 $35,134,407
	  	 For the 4 quarter period ending September 30, 2015

and each 4 quarter period ended thereafter

  
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 (k) Section 7(b) of the Credit Agreement is hereby amended by deleting the table
in clause (ii) of such section in its entirety and by inserting the following table: 
  

					
	  Fiscal Year 2008	  	Fiscal Year 2009	  	Fiscal Year 2010
	  $2,524,000	  	$3,348,000	  	$3,859,000
			
	  Fiscal Year 2011	  	Fiscal Year 2012	  	Fiscal Year 2013
	  $3,955,000	  	$4,200,000	  	$4,620,000
			
	  Fiscal Year 2014	  	Fiscal Year 2015	  	
	  $5,082,000	  	$5,590,200	  	

 (l) Section 17.11 of the Credit Agreement is hereby amended by amending and restating such
section in its entirety as follows: 
 “17.11 USA Patriot Act. Each Lender that is subject to the
requirements of the Patriot Act hereby notifies Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and
other information that will allow such Lender to identify Borrower in accordance with the Patriot Act. In addition, if Agent is required by law or regulation or internal policies to do so, it shall have the right to periodically conduct
(a) Patriot Act searches, OFAC/PEP searches, and customary individual background checks for the Loan Parties and (b) OFAC/PEP searches and customary individual background checks for the Loan Parties’ senior management and key principals,
and Borrower agrees to cooperate in respect of the conduct of such searches and further agrees that the reasonable costs and charges for such searches shall constitute Lender Group Expenses hereunder and be for the account of Borrower.”

 3. Conditions Precedent to Amendment. The satisfaction or waiver of each of the following shall constitute conditions
precedent to the effectiveness of the Amendment (such date being the “Amendment Effective Date”): 
 (a) Agent
shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect. 
 (b)
Agent shall have received the reaffirmation and consent of each Guarantor attached hereto as Exhibit A, duly executed and delivered by an authorized official of each Guarantor. 

(c) Agent shall have received the Amended and Restated Fee Letter, in form and substance satisfactory to Agent, duly executed by the
parties thereto, and the same shall be in full force and effect. 
 (d) Agent shall have received a certificate from the
Secretary of each Loan Party, dated as of the Amendment Effective Date, attesting to the resolutions of such Loan Party’s board of directors authorizing its execution, delivery, and performance of this Amendment, approving the terms of, and the
transactions contemplated herein, and the other Loan Documents executed concurrently herewith to which such Loan Party is a party. 
 (e) Agent shall have received copies of each Loan Party’s Governing Documents, as amended, modified, or supplemented, on or prior to the Amendment Effective Date, certified by the Secretary of such
Loan Party. 

  
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 (f) Agent shall have received a certificate of status with respect to each Loan Party, dated
as of a recent date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such Loan Party, which certificate shall indicate that such Loan Party is in good standing in such jurisdiction. 

(g) Agent shall have received certificates of status with respect to each Loan Party, dated as of a recent date, such certificates to be
issued by the appropriate officer of the jurisdictions (other than the jurisdiction of organization of such Loan Party), in which the failure to be duly qualified or licensed would constitute a Material Adverse Change, which certificates shall
indicate that such Loan Party is in good standing in such jurisdictions. 
 (h) After giving effect to this Amendment, the
representations and warranties herein and in the Credit Agreement and the other Loan Documents shall be true and correct in all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and
warranties relate solely to an earlier date). 
 (i) No injunction, writ, restraining order, or other order of any nature
prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower, any Guarantor, Agent, or any Lender. 

(j) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or shall result from the
consummation of the transactions contemplated herein. 
 4. Representations and Warranties. Borrower hereby represents
and warrants to Agent and the Lenders as follows: 
 (a) It (i) is duly organized, formed or incorporated and in good
standing under the laws of the jurisdiction of its organization, formation or incorporation, (ii) is qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a Material Adverse Change,
and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the
transactions contemplated thereby. 
 (b) The execution, delivery, and performance by it of this Amendment and the performance
by it of each Loan Document to which it is or will be a party (i) have been duly authorized by all necessary action on its part (ii) do not and will not (A) violate any material provision of federal, state or local law or regulation,
the Governing Documents of it or its Subsidiaries or any order, judgment, or decree, court or other Governmental Authority binding on it or its Subsidiaries, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of
time or both) a default under any Material Contract of it or its Subsidiaries, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of Borrower or any Guarantor, other than Permitted Liens, or
(D) require any approval of Borrower’s or any Guarantor’s interestholders or any approval or consent of any Person under any Material Contract of Borrower or any Guarantor, other than consents or approvals that have been obtained and
that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain such approval or consent could not individually or in the aggregate reasonably be expected to cause a Material Adverse
Change. 
 (c) No registration with, consent, or approval of, and no notice to, or other action with or by, any Governmental
Authority is required in connection with the due execution, delivery and performance by it of this Amendment or any other Loan Document to which it is or will 

  
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be a party, the failure of which to receive could not reasonably be expected to cause a Material Adverse Change, other than consents or approvals that have been obtained and are still in force
and effect. 
 (d) This Amendment is, and each other Loan Document to which it is or will be a party, when executed and
delivered by each Person that is a party thereto, will be the legally valid and binding obligation of such Person, enforceable against such Person in accordance with its respective terms, except as enforcement may be limited by equitable principles
or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally. 
 (e) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force
by any Governmental Authority against Borrower, any Guarantor, or any member of the Lender Group. 
 (f) No Default or Event of
Default has occurred and is continuing as of the date of the effectiveness of this Amendment, and no condition exists which constitutes a Default or an Event of Default. 
 (g) The representations and warranties set forth in this Amendment, the Credit Agreement, as amended by this Amendment and after giving effect hereto, and the other Loan Documents to which it is a party
are true and correct in all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date.) 

(h) This Amendment has been entered into without force or duress, of the free will of Borrower, and the decision of Borrower to enter
into this Amendment is a fully informed decision and such Person is aware of all legal and other ramifications of each decision. 
 (i) It has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read
this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder and thereunder. 
 5. Payment of Costs and Fees. Borrower shall pay to Agent and each Lender all costs, all out-of-pocket expenses, and all fees and charges of every kind in connection with the preparation,
negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto. In addition thereto, Borrower agrees to reimburse Agent and each Lender on demand for its costs arising out of this Amendment and all documents
or instruments relating hereto (which costs may include the reasonable fees and expenses of any attorneys retained by Agent or any Lender). 
 6. Choice of Law and Venue; Jury Trial Waiver. 
 (a) THE VALIDITY OF
THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF CALIFORNIA. 

  
 11 

 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
AMENDMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT
AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE
LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION 6(b). 
 (c) BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER AND EACH
MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AMENDMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 7. Ratification; Reaffirmation of Obligations. Each party hereto hereby
restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the Loan Documents effective as of the date hereof and as amended hereby. Each party hereto hereby reaffirms its obligations under each Loan
Document to which it is a party. Borrower hereby further ratifies and reaffirms the validity and enforceability of all of the liens and security interests heretofore granted, pursuant to and in connection with the Security Agreement or any other
Loan Document, to Agent, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security
for such obligations, continue to be and remain collateral for such obligations and after the date hereof. 
 8.
Amendments. This Amendment cannot be altered, amended, changed or modified in any respect or particular unless each such alteration, amendment, change or modification shall have been agreed to by each of the parties and reduced to writing in
its entirety and signed and delivered by each party. 
 9. Counterpart Execution. This Amendment may be executed in any
number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery
of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of
this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Amendment. 

  
 12 

 10. Effect on Loan Documents. 

(a) The Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in
accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any
right, power, or remedy of Borrower, any Loan Party, Agent or any Lender under the Credit Agreement or any other Loan Document. The waiver and modifications herein are limited to the specifics hereof (including facts or occurrences on which the same
are based), shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse any non-compliance with the Loan Documents (other than as specified herein), and shall not operate as a consent to
any matter under the Loan Documents (other than as specified herein). Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and other Loan Documents shall remain unchanged and in full force and effect.
Except as provided herein, the execution, delivery and performance of this Amendment shall not operate as a waiver of or, except as expressly set forth herein, as an amendment of, any right, power or remedy in effect prior to the date hereof. The
amendments and waivers set forth herein are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, and except as expressly set forth herein, shall neither excuse any
future non-compliance with the Credit Agreement, nor operate as a waiver of any Default or Event of Default. To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or other Loan Documents, the terms and
provisions of this Amendment shall control. 
 (b) Upon and after the effectiveness of this Amendment, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit
Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 

(c) To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or
conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

 (d) This Amendment is a Loan Document. 
 (e) Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Amendment refer to this Amendment as a whole and not to any particular provision of this Amendment. Section, subsection, clause, schedule, and exhibit references herein are to this Amendment unless
otherwise specified. Any reference in this Amendment or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). The
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any
reference herein to the satisfaction or repayment in full of the Obligations shall mean the repayment in full in cash (or, in the case of Letters of Credit or Bank Products, providing Letter of Credit Collateralization) of all Obligations other than
unasserted 

  
 13 

 
contingent indemnification Obligations and other than any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding and that are not
required by the provisions of this Agreement to be repaid or cash collateralized. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein shall be
satisfied by the transmission of a Record. 
 11. Entire Agreement. This Amendment, and terms and provisions hereof, the
Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings
with respect to the subject matter hereof, whether express or implied, oral or written. 
 12. Integration. This
Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter
hereof. 
 13. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such
provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Signature pages to follow.] 

  
 14 

 IN WITNESS WHEREOF, the undersigned parties hereto have executed this Amendment by
and through their duly authorized officers, as of the day and year first above written. 
  

							
	BORROWER:	 		 	 ACTUATE CORPORATION,
 a Delaware corporation

				
		 		 	By:	 	 /s/ Daniel A. Gaudreau

		 		 	Name:	 	 Daniel A. Gaudreau

		 		 	Title:	 	 Senior Vice President, Operations and Chief Financial Officer

 [SIGNATURE PAGE TO AMENDMENT NUMBER THREE TO CREDIT AGREEMENT] 

							
	AGENT AND LENDER:	 		 	 WELLS FARGO CAPITAL FINANCE, LLC,
 a Delaware limited liability company

				
		 		 	By:	 	/s/ Lendell Thompson
		 		 	Name:	 	  
 Lendell
Thompson

		 		 	Title:	 	  
 Managing Director

 [SIGNATURE PAGE TO AMENDMENT NUMBER THREE TO CREDIT AGREEMENT] 

 Exhibit A 
 REAFFIRMATION AND CONSENT 
 All capitalized terms used herein but not
otherwise defined herein shall have the meanings ascribed to them in that certain (a) Credit Agreement dated as of November 3, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) by and among ACTUATE CORPORATION, a Delaware corporation (the “Borrower”), the lenders from time to time party thereto (each a “Lender” and collectively,
the “Lenders”), WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, together
with any successor administrative agent, the “Agent”) or (b) Amendment Number Three to Credit Agreement, dated as of December 29, 2011 (the “Third Amendment”) by and among Borrower, Lenders and Agent. The
undersigned Guarantors each hereby (a) represents and warrants to Agent and the Lenders that the execution, delivery, and performance of this Reaffirmation and Consent are within its powers, have been duly authorized by all necessary action,
and are not in contravention of any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court, or Governmental Authority, or of the terms of its Governing Documents, or of any contract or
undertaking to which it is a party or by which any of its properties may be bound or affected; (b) consents to the amendment of the Credit Agreement as set forth in the Third Amendment; (c) acknowledges and reaffirms its obligations owing
to Agent and the Lenders under any Loan Documents to which it is a party; (d) reaffirms, acknowledges and agrees that it has granted to Agent a perfected security interest in the Collateral in order to secure all of its present and future
Guarantied Obligations (as defined in the Guaranty), (e) restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and other Loan Documents to which it is a party effective as of the date of the Third
Amendment, (f) confirms that all Guarantied Obligations are unconditionally owing by it to Agent and the Lenders, without offset, defense, withholding, counterclaim or deduction of any kind, nature or description whatsoever and (g) agrees
that each of the Loan Documents to which it is a party is and shall remain in full force and effect. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, they each understand
that neither Agent nor any Lender has any obligations to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Delivery of an executed counterpart of
this Reaffirmation and Consent by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Reaffirmation and Consent. Any party delivering an executed counterpart
of this Reaffirmation and Consent by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Reaffirmation and Consent but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed by the laws of the State of California. 

[Signature page to follow.] 

 IN WITNESS WHEREOF, the undersigned parties hereto have executed this Reaffirmation
and Consent by and through their duly authorized officers, as of the date of the Third Amendment. 
  

							
	GUARANTORS:	 		 	 ACTUATE INTERNATIONAL CORPORATION,
 a Delaware corporation

				
		 		 	By:	 	 /s/ Daniel A. Gaudreau

		 		 	Name:	 	 Daniel A. Gaudreau

		 		 	Title:	 	 Senior Vice President, Operations and Chief Financial Officer

			
		 		 	 XENOS IP ULC,
 a Nova Scotia unlimited company

				
		 		 	By:	 	 /s/ Daniel A. Gaudreau

		 		 	Name:	 	 Daniel A. Gaudreau

		 		 	Title:	 	 Senior Vice President, Operations and Chief Financial Officer

			
		 		 	 XENOS IP PARTNERSHIP,
 a partnership organized under the laws of Ontario

				
		 		 	By:	 	Xenos IP ULC
		 		 		 	Its Partner
				
		 		 	By:	 	 /s/ Daniel A. Gaudreau

		 		 	Name:	 	 Daniel A. Gaudreau

		 		 	Title:	 	 Senior Vice President, Operations and Chief Financial Officer

 [SIGNATURE PAGE TO REAFFIRMATION AND CONSENT TO 

AMENDMENT NUMBER THREE TO CREDIT AGREEMENT]

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