Document:

EX-10.1

 Exhibit 10.1 

 
  
 CHAMBERS STREET PROPERTIES 
 2013 EQUITY INCENTIVE PLAN 

 
  

 TABLE OF CONTENTS 

 

							
	 1.
	 	Definitions	  	 	1	  
			
	 2.
	 	Effective Date and Termination of Plan	  	 	5	  
			
	 3.
	 	Administration of Plan	  	 	6	  
			
	 4.
	 	Shares and Units Subject to the Plan	  	 	7	  
			
	 5.
	 	Provisions Applicable to Share Options	  	 	7	  
			
	 6.
	 	Provisions Applicable to Share Appreciation Rights	  	 	11	  
			
	 7.
	 	Provisions Applicable to Restricted Shares	  	 	13	  
			
	 8.
	 	Provisions Applicable to Restricted Share Units	  	 	14	  
			
	 9.
	 	Provisions Applicable to Dividend Equivalent Rights	  	 	15	  
			
	 10.
	 	Other Equity-Based Awards	  	 	16	  
			
	 11.
	 	Performance Goals	  	 	17	  
			
	 12.
	 	Tax Withholding	  	 	18	  
			
	 13.
	 	Regulations and Approvals	  	 	20	  
			
	 14.
	 	Interpretation and Amendments; Other Rules	  	 	20	  
			
	 15.
	 	Changes in Capital Structure	  	 	21	  
			
	 16.
	 	Miscellaneous	  	 	23	  

 CHAMBERS STREET PROPERTIES 

2013 EQUITY INCENTIVE PLAN 
 Chambers Street Properties, a Maryland real estate investment trust, wishes to attract and retain qualified key employees, directors, Trustees, officers, advisors, consultants and other personnel and
encourage them to increase their efforts to make the Company’s business more successful whether directly or through its Subsidiaries or other affiliates. In furtherance thereof, the Chambers Street Properties 2013 Equity Incentive Plan is
designed to provide equity-based incentives to certain Eligible Persons. Awards under the Plan may be made to Eligible Persons in the form of Options, Share Appreciation Right, Restricted Shares, Restricted Share Units, Dividend Equivalent Rights or
other forms of equity-based compensation. The Chambers Street Properties 2013 Equity Incentive Plan is hereby established as a successor to the Chambers Street Properties Amended and Restated 2004 Equity Incentive Plan. 

 

	1.	DEFINITIONS 

 Whenever
used herein, the following terms shall have the meanings set forth below: 
 “2004 Plan” means the Chambers
Street Properties Amended and Restated 2004 Equity Incentive Plan. 
 “Award” except where referring to a
particular category of grant under the Plan, shall include Incentive Share Options, Non-Qualified Share Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Dividend Equivalent Rights and other equity-based Awards as
contemplated herein. For purposes of Section 4.2 only, Award shall also mean any equity-based award granted under the 2004 Plan and outstanding on the Effective Date. 
 “Award Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the Participant as provided in Section 3. 

“Board” means the Board of Trustees of the Company. 

“Cause” means, unless otherwise provided in the Participant’s Award Agreement, (i) engaging in
(A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its Subsidiaries or its affiliates;
(iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any affiliate thereof; (iv) fraud, misappropriation or
embezzlement; (v) a material breach of the Participant’s employment agreement (if any) with the Company, its Subsidiaries, or any affiliate thereof; (vi) acts or omissions constituting a material failure to perform substantially and
adequately the duties assigned to the Participant; (vii) any illegal act detrimental the Company, its Subsidiaries, or any affiliate thereof; or (viii) repeated failure to devote substantially all of the Participant’s business time
and efforts to the Company, its Subsidiaries or any affiliate thereof if required by the Participant’s employment agreement; provided, however, that, if at any particular time the Participant is subject to an effective
employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such employment agreement. 

  
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 “Change in Control” shall mean the happening of any of the following:

 (a) any “person,” including a “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act, but excluding the Company, any entity controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the
Company or any such entity is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of either (A) the combined voting
power of the Company’s then outstanding securities or (B) the then outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the Company); provided, however, that, in
no event shall a Change in Control be deemed to have occurred upon an initial public offering of the Common Shares under the Securities Act; or 
 (b) any consolidation or merger of the Company where the shareholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger,
beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or
securities in the consolidation or merger (or of its ultimate parent corporation, if any) in substantially the same proportion as their ownership of the combined voting power of the securities of the corporation immediately prior to such
consolidation or merger; or 
 (c) there shall occur (A) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately
prior to such sale or (B) the approval by shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or 
 (d) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Trustees”) cease for any reason other than due to death to constitute at least a
majority of the members of the Board; provided that any trustee whose election, or nomination for election by the Company’s shareholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in
office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Trustee. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Compensation Committee of the Board. 

“Common Shares” means the shares of the Company which are Common Shares, par value $.01 per share, either currently
existing or authorized hereafter. 
 “Company” means the Chambers Street Properties, a Maryland real estate
investment trust. 
 “Covered 162(m) Employee” means an employee who is a “covered employee” within
the meaning of Section 162(m) of the Code. 

  
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 “Disability” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, a disability which renders the Participant incapable of performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period.

 “Dividend Equivalent Right” means a right awarded under Section 9 of the Plan to receive (or have
credited) the equivalent value of dividends paid on Shares. 
 “Effective Date” means the date described in
Section 2. 
 “Eligible Person” means a key employee, director, Trustee, officer, advisor, consultant or
other full or part-time personnel of the Company and its Subsidiaries or other person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or its Subsidiaries.
The Committee may provide that employees of the Company’s affiliates may be Eligible Persons, and may make such arrangements with the foregoing entities as it may consider appropriate, in light of tax and other considerations, in the case of
grants directly or indirectly to such employees. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 “Exercise Price” means the price per Share, determined by the Board or the Committee, at which
an Option or Share Appreciation Right, as applicable, may be exercised, which shall not be less than 100% of the Fair Market Value of a Share on the day the Option or Stock Appreciation Right, as applicable, is granted. 

“Fair Market Value” per Share as of a particular date means (i) if Shares are then listed on a national stock
exchange, the closing sales price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee, (ii) if Shares are not then listed on a national stock exchange but
are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the
Committee, or (iii) if Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so
listed or traded, the Committee may make such discretionary determinations where the Shares have not been traded for 10 trading days. 
 “Grantee” means an Eligible Person granted Restricted Shares, Restricted Share Units, Dividend Equivalent Rights or such other equity-based Awards as may be granted pursuant to
Section 10. 
 “Incentive Share Option” means an “incentive stock option” within the meaning of
Section 422(b) of the Code. 
 “Non-Qualified Share Option” means an Option which is not an Incentive
Share Option. 
 “Option” means the right to purchase, at a price and for the term fixed by the Committee in
accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 

“Optionee” means an Eligible Person to whom an Option or Share Appreciation Right is granted, or the Successors of the
Optionee, as the context so requires. 
 “Participant” means a Grantee or Optionee. 

  
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 “Performance Criteria” means the criteria that the Committee selects for
purposes of establishing the Performance Goal or Performance Goals that will apply to a Qualified Performance-Based Award for a Participant for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level
specified by the Committee, including, but not limited to, the Company or a unit, division, group, or Subsidiary of the Company) that will be used to establish Performance Goals are limited to one or more of the following: earnings before interest,
taxes, depreciation and amortization, net income (loss) (either before or after interest, taxes, depreciation and/or amortization), changes in the market price of the Shares, economic value-added, funds from operations or similar measure, sales or
revenue, acquisitions or strategic transactions, increases in revenue, operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash flow), return on capital, assets, equity, or investment, shareholder returns,
return on sales, gross or net profit levels, productivity, expense, margins, operating efficiency, customer satisfaction, working capital, earnings (loss) per share, rent growth, objectively determinable expense management, capital deployment,
development milestones, dividend coverage, and sales or market shares, any of which may be measured either in absolute terms, or on an incremental basis, on a per share basis, or based on results compared to results of a peer group. 

“Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the
Committee may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a Participant’s right to and the payment of a performance-based Award. 

“Performance Goals” means, for a Performance Cycle, the specific goals established in writing by the Committee for a
Performance Cycle, which (i) must be based upon the Performance Criteria for any Qualified Performance-Based Award, and (ii) may be based on the Performance Criteria or any other performance objectives, as determined by the Committee, for
Awards that are not Qualified Performance-Based Awards. 
 “Plan” means the Company’s 2013 Equity
Incentive Plan, as set forth herein and as the same may from time to time be amended. 
 “Qualified Performance-Based
Award” has the meaning set forth in Section 11.2 of the Plan. 
 “Restricted Shares” means an
award of Shares that are subject to restrictions hereunder. For purposes of Section 4.2 only, Restricted Share shall also mean any Restricted Share granted under the 2004 Plan and outstanding on the Effective Date. 

“Restricted Share Unit” means a right, pursuant to the Plan, of the Grantee to payment of the Restricted Share Unit
Value. 
 “Restricted Share Unit Value,” per Restricted Share Unit, means the Fair Market Value of a Share of
Common Shares, or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 
 “Restricted Share Unit Vesting Date” means the date determined under Section 8.4(c)(i). 
 “Retirement” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, the Termination of Service (other than for Cause) of a Participant on or after
the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive years of service with the Company and or its Subsidiaries or its affiliates. 

  
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 “Section 409A” means Section 409A of the Code and the regulations
and other guidance promulgated thereunder. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Settlement Date” means the date determined under Section 8.4(c)(i). 

“Shares” means shares of beneficial interest of the Company. 

“Share Appreciation Right” means an Award, pursuant to the Plan, entitling the Optionee to receive for the term fixed by
the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a combination of Shares and cash, or, in the discretion of the Committee, either Shares or solely in
cash, with an aggregate Fair Market Value (or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Share Appreciation Right is being exercised over the aggregate
Exercise Price, as determined as of the day the Share Appreciation Right is exercised. 
 “Specified Employee”
has the meaning ascribed thereto in Section 409A, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code
Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or the Committee, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this
Plan. 
 “Subsidiary” means any corporation (other than the Company) that is a “subsidiary
corporation” with respect to the Company under Section 424(f) of the Code. In the event the Company becomes a subsidiary of another company, the provisions hereof applicable to subsidiaries shall, unless otherwise determined by the
Committee, also be applicable to any company that is a “parent corporation” with respect to the Company under Section 424(e) of the Code. 
 “Successor of the Optionee” means the legal representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise an Option or Share
Appreciation Right, as applicable, by bequest or inheritance or by reason of the death of the Optionee. 
 “Termination
of Service” means a Participant’s termination of employment or other service, as applicable, with the Company and its Subsidiaries. 
 “Trustee” means a non-employee trustee of the Company or its Subsidiaries. 
  

	2.	EFFECTIVE DATE AND TERMINATION OF PLAN 

 The effective date (the “Effective Date”) of the Plan is the date on which it is approved by the requisite percentage of the holders of the Common Shares of the Company. The Plan shall
terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the Effective Date; provided, however, that the Board may at any time prior to that date terminate the Plan. Following
the Effective Date, no further awards shall be granted under the 2004 Plan. Outstanding grants under the 2004 Plan shall continue in effect according to their terms as of the date immediately prior to Effective Date (subject to such amendments as
the Committee may determine consistent with the 2004 Plan). 

  
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	3.	ADMINISTRATION OF PLAN 

3.1. The Plan shall be administered by the Committee appointed by the Board. The Committee, upon and after such time as it is
covered in Section 16 of the Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3 as promulgated by the Securities and Exchange Commission
(“Rule 16b-3”) under the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to
Awards), qualify as “outside directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including without limitation grants) shall be invalidated because any or all of the members of
the Committee fails to satisfy the foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved in writing by a majority of the entire
Committee, shall be the acts of the Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member. Notwithstanding the other foregoing
provisions of this Section 3.1, any Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these purposes, the Board shall have the
rights and responsibilities of the Committee hereunder and under the Award Agreements. 
 3.2. Subject to the provisions
of the Plan, the Committee shall in its discretion as reflected by the terms of the Award Agreements or otherwise (i) authorize the granting of Awards to Eligible Persons; (ii) determine the eligibility of Eligible Persons to receive an
Award; (iii) determine the number of Shares to be covered under any Award Agreement, considering the position and responsibilities of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential
contribution to the success of the Company whether directly or through its Subsidiaries and such other factors as the Committee may deem relevant; (iv) approve the form of Award Agreement; (v) determine the terms applicable to each Award,
which may differ among individual Awards and Participants; (vi) accelerate at any time the exercisability or vesting of all or any portion of any Award; (vii) subject to the provisions of Section 5.3(a) or 6.3(a), as applicable,
extend at any time the period in which Options or Share Appreciation Rights may be exercised; (viii) determine the extent to which the transferability of Shares issued or transferred pursuant to an Award is restricted; (ix) interpret the
terms and provisions of the Plan and any Award; (x) make all determinations it deems advisable for the administration of the Plan; (xi) decide all disputes arising in connection with the Plan; and (xii) otherwise supervise the
administration of the Plan. 
 3.3. The Award Agreement shall contain such other terms, provisions and conditions not
inconsistent herewith as shall be determined by the Committee. In the event that any Award Agreement or other agreement hereunder provides (without regard to this sentence) for the obligation of the Company or any affiliate thereof to purchase or
repurchase Shares from a Participant or any other person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall not apply to the extent that the purchase or repurchase would not be permitted under
governing state law. The Participant shall take whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the
obligations or restrictions imposed on the Participant pursuant to the express provisions of the Plan and the Award Agreement. 

  
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	4.	SHARES AND UNITS SUBJECT TO THE PLAN 

 4.1. If this Plan is approved, 5 million Shares, plus any Shares returned to the 2004 Plan, as described in Section 4.2, will become available for future grants under this Plan, subject
to adjustments as provided in Section 15, of which 5,000,000 Shares can be issued as Incentive Share Options. Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. 

4.2. Any Shares that have been granted as Restricted Shares or that have been reserved for distribution in payment for Options,
Share Appreciation Rights, Restricted Share Units or other equity-based Awards will be subtracted from the Plan Share reserve as of the date of grant, but may be added back to such reserve in accordance with this Section 4.2: 

(a) Any Shares with respect to Awards that are later cancelled, expire, are forfeited or lapse for any reason will again
be made the subject of Awards under the Plan. 
 (b) If any Restricted Share Units, Dividend Equivalent Rights or
other equity-based Awards under Section 10 are paid in cash (other than Stock Appreciation Rights), then the underlying Shares will again be made the subject of Awards under the Plan. 

(c) Awards granted in substitution, assumption, continuation or adjustment of outstanding Awards pursuant to
Section 15 will not count against the number of Shares remaining available for issuance under the Plan. 

(d) Subject to applicable law, stock exchange rules and plan provisions, shares available under a shareholder-approved
plan of an entity acquired by the Company (as adjusted) may be issued under the Plan pursuant to Awards granted to individuals who were not employees of the Company immediately before such acquisition and will not count against the number of Shares
remaining available for issuance under the Plan. 
 (e) Shares subject to Dividend Equivalent Rights, other than
Dividend Equivalent Rights based directly on the dividends payable with respect to Shares subject to Options or Share Appreciation Rights, or the dividends payable on a number of Shares corresponding to the number of Restricted Share Units awarded,
shall be subject to the limitation of Section 4.1. 
 4.3. The certificates for Shares issued hereunder may include
any legend which the Committee deems appropriate to reflect any rights of first refusal or other restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. 

 

	5.	PROVISIONS APPLICABLE TO SHARE OPTIONS 

 5.1. Grant of Option. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) determine and designate
from time to time those Eligible Persons to whom Options are to be granted and the number of Shares to be optioned to each Eligible Person; (ii) determine whether to grant Options intended to be Incentive Share Options, or to grant
Non-Qualified Share Options, or both (to the extent that any Option does not qualify as an Incentive Share Option, it shall constitute a separate Non-Qualified Share Option); provided that Incentive Share Options may only be granted to
employees of the Company or its Subsidiaries; (iii) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration of the exercise period; (iv) accelerate

  
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at any time the exercisability or vesting of all or any portion of any Option pursuant to the Award Agreement at the time of grant or thereafter; and (v) determine or impose other conditions
to the grant or exercise of Options under the Plan as it may deem appropriate. 
 5.2. Exercise Price. The Exercise Price
shall be determined by the Committee on the date the Option is granted and reflected in the Award Agreement (as the same may be amended from time to time) and shall not be less than 100% of the Fair Market Value of a Share on the day the Option is
granted. Subject to the foregoing, any particular Award Agreement may provide for different Exercise Prices for specified amounts of Shares subject to the Option. Except as provided in Section 15, (i) the Exercise Price of an outstanding
Option right may not be reduced, directly or indirectly by cancelation, regrant or otherwise, without shareholder approval, and (ii) an outstanding Option with an Exercise Price in excess of the then Fair Market Value may not be cancelled for
consideration payable in cash or equity securities of the Company without shareholder approval. 
 5.3. Period of Option and
Vesting. 
 (a) Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its
entirety upon the 10th anniversary of the date of grant or on such other date (which may be earlier, but not later) as is set forth in the applicable Award Agreement (except that, in the case of an individual described in Section 422(b)(6) of
the Code (relating to certain 10% owners) who is granted an Incentive Share Option, the term of such Option shall be no more than five years from the date of grant). The Option shall also expire, be forfeited and terminate at such times and in such
circumstances as otherwise provided hereunder, under the Award Agreement at the time of grant, or as determined thereafter by the Committee. 
 (b) Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has not otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable
according to the terms and conditions set forth in the Award Agreement at the time of grant or as determined thereafter by the Committee, which may include Performance Goals. Unless otherwise provided in the Award Agreement at the time of grant or
as determined thereafter by the Committee, no Option (or portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and
any Option that would otherwise become exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable
pursuant to the schedule set forth by the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s
Options, if and to the extent otherwise exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 

5.4. Exercisability Upon and After Termination of Service of Optionee. 

(a) Subject to provisions set forth in the Award Agreement at the time of grant or as determined thereafter by the
Committee, in the event the Optionee has a Termination of Service other than by the Company or its Subsidiaries for Cause, or other than by reason of death, Retirement or Disability, no exercise of an Option may occur after the expiration of the
three-month period to follow the termination, or if earlier, the expiration of the term of the Option as provided under Section 5.3(a); provided that, if 

  
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the Optionee should die after the Termination of Service, such termination being for a reason other than Disability or Retirement, but while the Option is still in effect, the Option (if and to
the extent otherwise exercisable by the Optionee at the time of death) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires
in accordance with Section 5.3(a). 
 (b) Subject to provisions set forth in the Award Agreement at the time
of grant or as determined thereafter by the Committee, in the event the Optionee has a Termination of Service on account of death or Disability or Retirement, the Option (if and to the extent otherwise exercisable by the Optionee at the time of the
Termination of Service) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires in accordance with Section 5.3.

 (c) Notwithstanding any other provision hereof, unless otherwise provided in the Award Agreement at the time
of grant or determined thereafter by the Committee, if the Optionee has a Termination of Service by the Company for Cause, the Optionee’s Options, to the extent then unexercised, shall thereupon cease to be exercisable and shall be forfeited
forthwith. 
 (d) Any Option that is not exercisable at the time of the Termination of Service or is not
exercised within the applicable time periods described in this Section 5.4 shall cease to be exercisable and shall be forfeited forthwith. 
 5.5. Exercise of Options. 
 (a) Subject to vesting,
restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed in accordance herewith, an Option may be exercised in whole or in part, and payment in full of the Exercise Price made, by an Optionee only by written
notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased. 

(b) Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other
restrictions on the exercise of Incentive Share Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 5.6. Payment. 
 (a) The Exercise Price shall be paid in full
upon the exercise of the Option. Payment must be made by one of the following methods: 
 (i) Cash, a certified
or bank cashier’s check, or wire transfer; 
 (ii) if approved by the Committee in its discretion, Shares of
previously owned Common Shares, which are not then subject to restrictions under the Plan or the 2004 Plan, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; 

(iii) if approved by the Committee in its discretion, by a “net exercise” arrangement pursuant to which the
Company will reduce the number of Shares issued upon exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate Exercise Price; provided, however, that the Company shall
accept a cash or other payment from the Optionee to the 

  
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extent of any remaining balance of the aggregate Exercise Price not satisfied by such reduction in the number of whole Shares to be issued; provided further, however, that
Shares will no longer be outstanding under an Option and will not be exercisable thereafter to the extent that Shares are used to pay the Exercise Price pursuant to the “net exercise”; or 

(iv) by any combination of such methods of payment or any other method acceptable to the Committee in its discretion.

 (b) The Committee may provide that no Option may be exercised with respect to any fractional Share. Any
fractional Shares resulting from an Optionee’s exercise that is accepted by the Company shall in the discretion of the Committee be paid in cash. 
 5.7. Exercise for Cash. The Committee, in its discretion, may also permit the Optionee to elect to exercise an Option by receiving a combination of Shares and cash, or, in the discretion of the
Committee, either Shares or solely in cash, with an aggregate Fair Market Value (or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Option is being exercised over
the aggregate Exercise Price, as determined as of the day the Option is exercised. 
 5.8. Exercise by Successors. An
Option may be exercised, and payment in full of the aggregate Exercise Price made, by the Successors of the Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased.
Such notice shall state that the aggregate Exercise Price will be paid in full, or that the Option will be exercised as otherwise provided hereunder, in the discretion of the Company or the Committee, if and as applicable. 

5.9. Nontransferability of Option. Each Option granted under the Plan shall be nontransferable by the Optionee except by will or
the laws of descent and distribution of the state wherein the Optionee is domiciled at the time of his death; provided, however, that the Committee may permit other transfers, where the Committee concludes that such
transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not cause any Option intended to be an Incentive Share Option to fail to be described in Section 422(b) of the Code, and (iii) is
otherwise appropriate and desirable. 
 5.10. Deferral. The Committee may establish a program (taking into account,
without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) under which Participants will have Restricted Share Units subject to Section 8 credited upon their exercise of Options, rather
than receiving Shares at that time. 
 5.11. Certain Incentive Share Option Provisions. 

(a) The aggregate Fair Market Value, determined as of the date an Option is granted, of the Common Shares for which any
Optionee may be awarded Incentive Share Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock option plan required to be taken into account under Section 422(d) of the Code) shall not
exceed $100,000. 
 (b) If Shares acquired upon exercise of an Incentive Share Option are disposed of in a
disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such Option or one year from the transfer of Shares to the Optionee pursuant to the
exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as 

  
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soon as practicable thereafter of the date and terms of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or
such affiliate) an amount equal to any withholding tax the Company (or affiliate) is required to pay as a result of the disqualifying disposition. 
 (c) The Exercise Price with respect to each Incentive Share Option shall not be less than 100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain
10% owners), of the Fair Market Value of a Share on the day the Option is granted. In the case of an individual described in Section 422(b)(6) of the Code who is granted an Incentive Share Option, the term of such Option shall be no more than
five years from the date of grant. 
  

	6.	PROVISIONS APPLICABLE TO SHARE APPRECIATION RIGHTS 

 6.1. Grant of Share Appreciation Rights. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement:
(i) determine and designate from time to time those Eligible Persons to whom Share Appreciation Rights are to be granted and the number of Shares subject to such Share Appreciation Rights for each Eligible Person; (ii) determine the time
or times when and the manner and condition in which each Share Appreciation Right shall be exercisable and the duration of the exercise period; (iii) accelerate at any time the exercisability or vesting of all or any portion of any Share
Appreciation Right pursuant to the Award Agreement at the time of grant or thereafter; and (iv) determine or impose other conditions to the grant or exercise of Share Appreciation Rights under the Plan as it may deem appropriate. Share
Appreciation Rights may be granted by the Administrator independently of any Option granted pursuant to Section 5 of the Plan. 
 6.2. Exercise Price of Share Appreciation Rights. The Exercise Price shall be determined by the Committee on the date the Share Appreciation Right is granted and reflected in the Award Agreement
(as the same may be amended from time to time) and shall not be less than 100% of the Fair Market Value of a Share on the day the Share Appreciation Right is granted. Subject to the foregoing, any particular Award Agreement may provide for different
Exercise Prices for specified amounts of Shares subject to the Share Appreciation Right. Except as provided in Section 15, (i) the Exercise Price of an outstanding Share Appreciation Right may not be reduced, directly or indirectly by
cancelation, regrant or otherwise, without shareholder approval, and (ii) an outstanding Option with an Exercise Price in excess of the then Fair Market Value may not be cancelled for consideration payable in cash or equity securities of the
Company without shareholder approval. 
 6.3. Period of Share Appreciation Right and Vesting. 

(a) Unless earlier expired, forfeited or otherwise terminated, each Share Appreciation Right shall expire in its entirety
upon the 10th anniversary of the date of grant or on such other date (which may be earlier, but not later) as is set forth in the applicable Award Agreement at the time of grant or as determined thereafter by the Committee. The Share Appreciation
Right shall also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder, under the Award Agreement at the time of grant, or as determined thereafter by the Committee. 

(b) Each Share Appreciation Right, to the extent that the Optionee has not had a Termination of Service and the Share
Appreciation Right has not otherwise lapsed, expired, terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement at the time of grant or as determined thereafter by the
Committee, which may include Performance Goals. 

  
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Unless otherwise provided in the Award Agreement at the time of grant or determined thereafter by the Committee, no Share Appreciation Right (or portion thereof) shall ever be exercisable if the
Share Appreciation Right has a Termination of Service before the time at which such Share Appreciation Right (or portion thereof) would otherwise have become exercisable, and any Share Appreciation Right that would otherwise become exercisable after
such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 6.4(b), Share Appreciation Rights exercisable pursuant to the schedule set forth by
the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s Share Appreciation Right, if and to the
extent otherwise exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 
 6.4. Exercisability of Share Appreciation Rights Upon and After Termination of Service of Optionee. 
 (a) Subject to provisions set forth in the Award Agreement at the time of grant or as determined thereafter by the Committee, in the event the Optionee has a Termination of Service other than by the
Company or its Subsidiaries for Cause, no exercise of a Share Appreciation Right may occur after the expiration of the three-month period to follow the termination, or if earlier, the expiration of the term of the Share Appreciation Right as
provided under Section 6.3(a). 
 (b) Notwithstanding any other provision hereof, unless otherwise provided
in the Award Agreement at the time of grant or determined thereafter by the Committee, if the Optionee has a Termination of Service by the Company for Cause, the Optionee’s Share Appreciation Rights, to the extent then unexercised, shall
thereupon cease to be exercisable and shall be forfeited forthwith. 
 (c) Any Share Appreciation Right that is
not exercisable at the time of the Termination of Service or is not exercised within the applicable time periods described in this Section 6.4 shall cease to be exercisable and shall be forfeited forthwith. 

6.5. Exercise of Share Appreciation Rights. Subject to vesting, restrictions on exercisability and other restrictions provided for
hereunder or otherwise imposed in accordance herewith, a Share Appreciation Right may be exercised in whole or in part by an Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares
underlying the Share Appreciation Right that will be exercised. 
 6.6. Exercise by Successors. A Share Appreciation
Right may be exercised, and payment in full of the aggregate Exercise Price made, by the Successors of the Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be purchased.

 6.7. Nontransferability of Share Appreciation Right. Each Share Appreciation Right granted under the Plan shall be
nontransferable by the Optionee except by will or the laws of descent and distribution of the state wherein the Optionee is domiciled at the time of his death; provided, however, that the Committee may permit other transfers,
where the Committee concludes that such transferability does not result in accelerated U.S. federal income taxation, and is otherwise appropriate and desirable. 
 6.8. Deferral. The Committee may establish a program (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate)
under which Participants will have Restricted Share Units subject to Section 8 credited upon their exercise of Share Appreciation Rights, rather than receiving Shares or a payment in cash at that time. 

  
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	7.	PROVISIONS APPLICABLE TO RESTRICTED SHARES 

 7.1. Grant of Restricted Shares. 
 (a) In connection with
the grant of Restricted Shares, whether or not Performance Goals apply thereto, the Committee shall establish one or more vesting periods with respect to the Restricted Shares granted, the length of which shall be determined in the discretion of the
Committee. Subject to the provisions of this Section 7, the applicable Award Agreement, the other provisions of the Plan and achievement of Performance Goals (if applicable), restrictions on Restricted Shares shall lapse if the Grantee
satisfies all applicable employment or other service requirements through the end of the applicable vesting period. 
 (b) Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Restricted Shares to
Eligible Persons; (ii) provide a specified purchase price for the Restricted Shares (whether or not the payment of a purchase price is required by any state law applicable to the Company, provided that no Shares shall be issued for
consideration which is less than is required by any state law applicable); (iii) determine the restrictions applicable to Restricted Shares; (iv) accelerate at any time vesting of all or any portion of any Restricted Share pursuant to the
Award Agreement at the time of grant or thereafter; and (v) determine or impose other conditions, including any applicable Performance Goals, to the grant of Restricted Shares under the Plan as it may deem appropriate. 

7.2. Certificates. 
 (a) Unless otherwise provided by the Committee, each Grantee of Restricted Shares shall be issued a share certificate in respect of Restricted Shares awarded under the Plan. Each such certificate shall be
registered in the name of the Grantee. Without limiting the generality of Section 4.4, the certificates for Restricted Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer
hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Award,
substantially in the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO
THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CHAMBERS STREET PROPERTIES 2013 EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CHAMBERS STREET PROPERTIES. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE
ON FILE IN THE OFFICES OF CHAMBERS STREET PROPERTIES, AT 47 HULFISH STREET, SUITE 210, PRINCETON, NJ 08542. 

(b) The Committee shall require that any share certificates evidencing such Shares be held in custody by the Company until
the restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Shares, the Grantee shall have delivered to the Company a share power, endorsed in blank, relating to the share covered by such Award. If and when such
restrictions so lapse, the share certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 7.3 (and the share power shall be so delivered or shall be discarded). 

  
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 7.3. Restrictions and Conditions. Unless otherwise provided by the Committee, the
Restricted Shares awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 

(a) Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award
and ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Restricted Shares awarded under
the Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements and clauses (c) and (d) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the
applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 

(b) Except as provided in the foregoing clause (a), below in this clause (b), or in Section 15, or
otherwise provided in the Award Agreement, the Grantee shall have, in respect of the Restricted Shares, all of the rights of a shareholder of the Company, including the right to vote the Shares, and, except as provided below, the right to receive
any cash dividends. Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee promptly after, and only after, the period of forfeiture shall lapse without forfeiture in respect of such
Restricted Shares. 
 (c) Except if otherwise provided in the applicable Award Agreement at the time of grant or
as determined thereafter by the Committee, if the Grantee has a Termination of Service for any reason, during the applicable period of forfeiture, then (i) all Shares still subject to restriction shall thereupon, and with no further action, be
forfeited by the Grantee, and (ii) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to the lesser of (x) the amount paid by the Grantee (if any) for
such forfeited Restricted Shares as contemplated by Section 7.1, and (y) the Fair Market Value on the date of termination of the forfeited Restricted Shares. 
  

	8.	PROVISIONS APPLICABLE TO RESTRICTED SHARE UNITS 

 8.1. Grant of Restricted Share Units. Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize
the granting of Restricted Share Units to Eligible Persons; (ii) accelerate at any time vesting of all or any portion of any Restricted Share Unit pursuant to the Award Agreement at the time of grant or thereafter; and (iii) determine or
impose other conditions to the grant of Restricted Share Units under the Plan as it may deem appropriate, including whether Performance Goals (as provided for under Section 11) apply thereto. 

8.2. Term. The Committee may provide in an Award Agreement that any particular Restricted Share Unit shall expire at the end of a
specified term. 
 8.3. Vesting. Restricted Share Units shall vest as provided in the applicable Award Agreement.

 8.4. Settlement of Restricted Share Units. 

(a) Each vested and outstanding Restricted Share Unit shall be settled by the transfer to the Grantee of one Share;
provided that, at the time of grant or thereafter, the Committee may provide that a 

  
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Restricted Share Unit may be settled in (i) cash at the applicable Restricted Share Unit Value, (ii) cash or by transfer of Shares as elected by the Grantee in accordance with
procedures established by the Committee or (iii) cash or by transfer of Shares as elected by the Company. 

(b) Restricted Share Units shall be settled with a single payment or transfer by the Company on the Settlement Date.

 (c) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with
respect to a Restricted Share Unit is as soon as practicable after (but not later than the first day of the month to follow) the Restricted Share Unit Vesting Date. The “Restricted Share Unit Vesting Date” is the date on which the
Restricted Share Unit vests. 
 8.5. Other Restricted Share Unit Provisions. 

(a) Rights to payments with respect to Restricted Share Units granted under the Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 
 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments payable after his or her death and may amend or revoke such
designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a vested Restricted Share Unit dies, such Restricted Share
Unit shall be settled and the Restricted Share Unit Value in respect of such Restricted Share Units paid shall be accelerated and paid. 
 (c) The Committee may establish a program (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) under which
distributions with respect to Restricted Share Units may be deferred. Such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which
Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
 (d) Notwithstanding any other provision of this Section 8, any fractional Restricted Share Unit will be paid out in cash at the Restricted Share Unit Value as of the Restricted Share Unit Vesting
Date. 
 (e) No Restricted Share Unit shall be construed to give any Grantee any rights with respect to Shares or
any ownership interest in the Company. Except as may be provided in accordance with Section 9, no provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend or derivative or other similar rights with respect to
any Restricted Share Unit. 
  

	9.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS 

 9.1. Grant of Dividend Equivalent Rights. Subject to the other terms of the Plan, the Committee may, in its discretion, authorize the granting of Dividend Equivalent Rights to Eligible Persons
based on the regular cash dividends declared on Common Shares, to be credited as of the dividend payment dates, during the period between the date a Dividend Equivalent Right is granted, and the date such a Dividend Equivalent Right

  
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vests or expires, as determined by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation
as may be determined by the Committee. With respect to Dividend Equivalent Rights granted with respect to Options or Share Appreciation Rights, such Dividend Equivalent Rights shall be payable regardless of whether such Option or Share Appreciation
Right, as applicable, is exercised. If a Dividend Equivalent Right is granted in respect of another Award hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent Right be in effect for a period
beyond the time during which the applicable portion of the underlying Award is in effect. 
 9.2. Certain Terms.

 (a) The term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 

(b) Unless otherwise determined by the Committee, except as contemplated by Section 9.4, a Dividend Equivalent Right
is payable only while the Participant is an Eligible Person. 
 (c) Payment of the amount determined in
accordance with Section 9.1 shall be in cash, in Common Shares or a combination of the both, as determined by the Committee. 
 (d) The Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion. 

(e) A Dividend Equivalent Right granted with respect to a Qualified Performance-Based Award may not be payable unless and
until the Performance Goals have been achieved. 
 9.3. Other Types of Dividend Equivalent Rights. The Committee may
establish a program under which Dividend Equivalent Rights of a type whether or not described in the foregoing provisions of this Section 9 may be granted to Participants. For example, and without limitation, the Committee may grant a dividend
equivalent right with respect to a Restricted Share Unit, which right would consist of the right (subject to Section 9.4) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 

9.4. Deferral. The Committee may establish a program (taking into account, without limitation, the possible application of
Section 409A of the Code, as the Committee may deem appropriate) under which Participants (i) will have Restricted Share Units credited, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect to
Dividend Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions
under which Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 

 

	10.	OTHER EQUITY-BASED AWARDS 

The Board shall have the right to grant other Awards based upon the Common Shares having such terms and conditions as the Board may
determine. 

  
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	11.	PERFORMANCE GOALS 

11.1. The Committee, in its discretion, (i) may establish one or more Performance Goals as a precondition to the issuance or
vesting of Awards, and (ii) may provide, in connection with the establishment of the Performance Goals, for predetermined Awards to those Participants (who continue to meet all applicable eligibility requirements) with respect to whom the
applicable Performance Goals are satisfied. Except with respect to Qualified Performance-Based Awards, the Committee may determine that satisfaction of the Performance Goals will be in its discretion. 

11.2. Performance-Based Awards to Covered 162(m) Employees. 

(a) In the case of any grant to a Covered 162(m) Employee intended to qualify as performance-based compensation under
Section 162(m) of the Code (including, for these purposes, grants constituting performance-based compensation, as determined without regard to certain shareholder approval and disclosure requirements by virtue of an applicable transition rule)
(a “Qualified Performance-Based Award”), the Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for any Performance Cycle and this Plan shall be interpreted and
operated consistent with that intention. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit,
or Participant. 
 (b) The Committee may designate any Award as a Qualified Performance-Based Award upon grant,
in each case based upon a determination that (i) the Grantee is or may be a Covered 162(m) Employee with respect to such Award, and (ii) the Committee wishes such Award to qualify as performance-based compensation under Section 162(m)
of the Code. The provisions of this Section 11.2 shall apply to all such Qualified Performance-Based Awards, notwithstanding any other provision of this Plan other than Section 15. Notwithstanding anything contained in this
Section 11.2 to the contrary, Options and Share Appreciation Rights need not satisfy the specific Performance Criteria described in this Section 11.2 in order to qualify as performance-based compensation under Section 162(m) of the
Code. 
 (c) Each Qualified Performance-Based Award (other than an Option or Share Appreciation Right) shall be
earned, vested and payable (as applicable) only upon the achievement of one or more Performance Goals, which shall be based upon the Performance Criteria, together with the satisfaction of any other conditions, such as continued employment, as the
Committee may determine to be appropriate; provided that (i) the Committee may provide, either in connection with the grant thereof or by amendment thereafter, that achievement of such Performance Goals will be waived upon the death or
Disability of the Grantee, and (ii) the provisions of Section 15 shall apply notwithstanding this sentence. 
 (d) The Committee, in its discretion, may adjust or modify the calculation of Performance Goals for such Performance Cycle in order to prevent the dilution or enlargement of the rights of a Participant
(i) in the event of, or in anticipation of, a Change in Control or any unusual or extraordinary corporate item, transaction, event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events
affecting the Company, or the financial statements of the Company, or (iii) in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions. 

  
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 (e) With respect to each Qualified Performance-Based Award, the Committee
shall select, within the first 90 days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the Performance Criteria for such grant, and the Performance Goals with respect to each
Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Qualified Performance-Based Award will specify the amount payable, or the formula for determining the
amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Committee may be (but need not be) different for each Performance Cycle and different Performance Goals may be applicable to
Qualified Performance-Based Awards to different Covered 162(m) Employees. 
 (f) Following the completion of a
Performance Cycle, the Committee shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to calculate and certify in writing the amount of the Qualified
Performance-Based Award earned for the Performance Cycle. The Committee shall then determine the actual size of each Covered 162(m) Employee’s Qualified Performance-Based Award, and, in doing so, may reduce or eliminate the amount of the
Qualified Performance-Based Award for a Covered 162(m) Employee if, in its sole judgment, such reduction or elimination is appropriate. 
 (g) The maximum number of Shares payable to any one Covered 162(m) Employee under the Plan each year is one million Shares (subject to adjustment as provided in Section 15 hereof) or $10,000,000 in
the case of Awards settled in cash. 
  

	12.	TAX WITHHOLDING 

 12.1.
In General. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting the generality of the foregoing, the Committee may, in
its discretion, require the Participant to pay to the Company at such time as the Committee determines the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes
incurred by reason of (i) the exercise of any Option or Share Appreciation Right, (ii) the lapsing of any restrictions applicable to any Restricted Shares, (iii) the receipt of a distribution in respect of Restricted Share Units or
Dividend Equivalent Rights or (iv) any other applicable income-recognition event (for example, an election under Section 83(b) of the Code). 
 12.2. Share Withholding. 
 (a) Upon exercise of an Option or
Share Appreciation Right, the Optionee may, if approved by the Committee in its discretion, make a written election to have Shares then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares,
in order to satisfy the minimum required employer withholding liability for such withholding taxes. In the event that the Committee permits, and the Optionee makes, such an election, the number of Shares so withheld or delivered shall have an
aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option or Share Appreciation Right does not give rise to an obligation by the Company to withhold federal, state or
local income or other taxes on the date of exercise, but may give rise to such an obligation in the future, the Committee may, in its discretion, make such arrangements and impose such requirements as it deems necessary or appropriate. 

  
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 (b) Upon lapsing of restrictions on Restricted Shares (or other
income-recognition event), the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be released from restriction, or to deliver previously owned
Shares (not subject to restrictions hereunder), in order to satisfy the minimum required employer withholding liability for such withholding taxes. In the event that the Committee permits, and the Grantee makes, such an election, the number of
Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of the lapsing of restrictions (or other income-recognition event) sufficient to satisfy the applicable withholding taxes. 

(c) Upon the making of a distribution in respect of Restricted Share Units or Dividend Equivalent Rights, the Grantee may,
if approved by the Committee in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned Shares (not subject to restrictions
hereunder), in order to satisfy the minimum required employer withholding liability for such withholding taxes. In the event that the Committee permits, and the Grantee makes, such an election, any Shares so withheld or delivered shall have an
aggregate Fair Market Value on the date of the distribution (or other income-recognition event) sufficient to satisfy the applicable withholding taxes. 
 (d) Upon the occurrence of any other income-recognition event with respect to an Award granted under the Plan that occurs upon or concurrently with the issuance or vesting of, or lapsing of restrictions
on, Common Shares, the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be issued, vested or released from restriction, or to deliver previously
owned Shares (not subject to restrictions hereunder), in order to satisfy the minimum required employer withholding liability for the withholding taxes. In the event that the Committee permits, and the Grantee makes, such an election, the number of
Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of such income-recognition event sufficient to satisfy the applicable withholding taxes. 

(e) For purposes of determining the number of Shares to be withheld or delivered to satisfy the applicable minimum
required employer withholding taxes pursuant to this Section 12.2 of the Plan, the Fair Market Value of the Shares shall be calculated in the same manner as the Shares are valued for purposes of determining the amount of withholding taxes due.

 12.3. Withholding Required. Notwithstanding anything contained in the Plan or the Award Agreement to the contrary, the
Participant’s satisfaction of any tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Participant and to the
release of any restrictions as may otherwise be provided hereunder, as applicable; and the applicable Option, Share Appreciation Right, Restricted Share, Restricted Share Units, Dividend Equivalent Right or other Award shall be forfeited upon the
failure of the Participant to satisfy such requirements with respect to, as applicable, (i) the exercise of the Option or Share Appreciation Right, (ii) the lapsing of restrictions on the Restricted Shares (or other income-recognition
event), (iii) distributions in respect of any Restricted Share Unit or Dividend Equivalent Right or (iv) any other income-recognition event with respect an Award granted under the Plan. 

  
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	13.	REGULATIONS AND APPROVALS 

13.1. The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

13.2. The Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations
of any government authority or to obtain tax benefits applicable to an Award. 
 13.3. Each grant of Options, Share
Appreciation Rights, Restricted Shares, Restricted Share Units (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 10 (or issuance of Shares in
respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under
any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Share Appreciation Rights, Restricted Shares, Restricted Share
Units, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or Restricted Share Units or Shares issued or grant of Restricted Shares or other Award made, in whole or in part, unless listing, registration,
qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 
 13.4. In the event that the disposition of shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not otherwise exempt from
such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require any individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such
Shares, to represent to the Company in writing that such Shares are acquired for investment only and not with a view to distribution and that such Shares will be disposed of only if registered for sale under the Securities Act or if there is an
available exemption for such disposition. 
 13.5. Notwithstanding any other provision of the Plan, the Company shall not
be required to take or permit any action under the Plan or any Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act.

  

	14.	INTERPRETATION AND AMENDMENTS; OTHER RULES 

 The Committee may make such rules and regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the generality of the foregoing, the Committee
may (i) determine the extent, if any, to which Options, Share Appreciation Rights, Restricted Share Units or Shares (whether or not Restricted Shares) or Dividend Equivalent Rights shall be forfeited (whether or not such forfeiture is expressly
contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law; and (iii) take any
other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of
the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the 

  
 - 20 -

 
Committee shall be final and binding upon all persons. Unless otherwise expressly provided hereunder, the Committee, with respect to any grant, may exercise its discretion hereunder at the time
of the Award or thereafter. The Board may amend the Plan as it shall deem advisable, except that no amendment may materially and adversely affect a Participant with respect to an Award previously granted without such Participant’s consent
unless such amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be amended without shareholder approval in any case in which amendment in the absence of shareholder approval
would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar rule. Except as provided in Section 15, (i) the Exercise Price of an outstanding Option or Share Appreciation Right may not be
reduced, directly or indirectly by cancelation, regrant or otherwise, without shareholder approval, and (ii) an outstanding Option or Share Appreciation Right with an Exercise Price in excess of the then Fair Market Value may not be cancelled
for consideration payable in cash or equity securities of the Company without shareholder approval. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any Award may be subject to
Section 409A, the Committee may adopt such amendment to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that
the Committee determines are necessary or appropriate, without the consent of the Participant, to (1) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award or
(2) comply with the requirements of Section 409A. 
  

	15.	CHANGES IN CAPITAL STRUCTURE 

 15.1. If (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or
substantially all of the assets or shares of the Company or its Subsidiaries or a transaction similar thereto, (ii) any share dividend, share split, reverse share split, share combination, reclassification, recapitalization or other similar
change in the capital structure of the Company or its Subsidiaries, or any distribution to holders of Common Shares other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates
action by way of adjusting the terms of the outstanding Awards, then: 
 (a) the Committee shall appropriately
adjust (i) the maximum aggregate number of Shares which may be made subject to Options (including Incentive Share Options), Share Appreciation Rights and Dividend Equivalent Rights under the Plan, the maximum aggregate number and kind of
Restricted Shares that may be granted under the Plan, and the maximum aggregate number of Restricted Share Units and other Awards which may be granted under the Plan ; (ii) the maximum number of Options (including Incentive Share Options),
Share Appreciation Rights and Dividend Equivalent Rights that may be granted to an individual Participant under the Plan, the maximum number and kind of Restricted Shares that may be granted to an individual Participant under the Plan, and the
maximum number of Restricted Share Units and other Awards which may be granted to an individual Participant under the Plan; and (iii) the number and kind of Shares or other securities subject to any then outstanding Awards under the Plan; and

 (b) the Committee may take any such action as in its discretion shall be necessary to maintain each
Participants’ rights hereunder (including under their Award Agreements) with respect to Options, Share Appreciation Rights, Restricted Share Units and Dividend Equivalent Rights (and, as appropriate, other Awards under Section 10), so that
they are substantially proportionate to the rights existing in such Options, Share Appreciation Rights, Restricted Share Units and Dividend Equivalent Rights (and other Awards under Section 10) prior to such event, including, without
limitation, adjustments in (i) the number of Options, Share Appreciation Rights, Restricted Share Units and Dividend Equivalent Rights (and other 

  
 - 21 -

 
Awards under Section 10) granted, (ii) the number and kind of shares or other property to be distributed in respect of Options, Share Appreciation Rights. Restricted Share Units and
Dividend Equivalent Rights (and other Awards under Section 10 as applicable), (iii) the Exercise Price and Restricted Share Unit Value, (iv) the repurchase price, if any, per Share subject to each outstanding Restricted Share,
(v) the per-person limits under the Plan, and (vi) Performance Criteria established in connection with Awards; provided that, in the discretion of the Committee, the foregoing clause (vi) may also be applied in the case of any
event relating to a Subsidiary if the event would have been covered under this Section 15.1 had the event related to the Company. 
 To the
extent that such action shall include an increase or decrease in the number of Shares (or units of other property then available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or
decreased, as the case may be, proportionately, as may be determined by the Committee in its discretion. 
 15.2. Any
Shares or other securities distributed to a Grantee with respect to Restricted Shares or otherwise issued in substitution of Restricted Shares shall be subject to the restrictions and requirements imposed by Section 7, including depositing the
certificates therefor with the Company together with a share power and bearing a legend as provided in Section 7.2(a). 

15.3. If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has received
Restricted Shares that is then subject to restrictions imposed by Section 7.3(a) may be required to deposit with the successor corporation the certificates, if any, for the shares or securities or the other property that the Grantee is entitled
to receive by reason of ownership of Restricted Shares in a manner consistent with Section 7.2(b), and such shares, securities or other property shall become subject to the restrictions and requirements imposed by Section 7.3(a), and the
certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 7.2(a). 
 15.4. If a Change in Control shall occur, then the Committee may, in its sole discretion, take one or more of the following actions with respect to all or some outstanding Awards: 

(a) Provide that all (or some) outstanding Options and Share Appreciation Rights that are not exercisable immediately
prior to the effective time of the Change in Control shall (i) become fully or partially exercisable as of the effective time of the Change in Control or thereafter with respect to any time-based vesting conditions or restrictions; and/or
(ii) all outstanding Options and Share Appreciation Rights that are not exercisable immediately prior to the effective time of the Change in Control shall become exercisable as of the effective time of the Change in Control or thereafter with
respect to any Performance Goals (A) at target levels, (B) based on actual performance achieved as of the Change in Control or thereafter, or (C) at the greater or lesser of target levels or actual performance achieved as of the
Change in Control or thereafter, and, in the case of clauses (A), (B) and (C), either (x) based on the full Performance Cycle or (y) pro-rata based on the time that has elapsed in the applicable Performance Cycle as of the date of the
Change in Control or thereafter; 
 (b) Provide that all (or some) outstanding Awards (other than Options and
Share Appreciation Rights) shall (i) become fully or partially vested and nonforfeitable with respect to any time-based vesting conditions or restrictions; and/or (ii) become vested and nonforfeitable with respect to any Performance Goals
(A) at target levels, (B) based on actual performance achieved as of the Change in Control or thereafter, or (C) at the greater or lesser of target levels or actual performance achieved as of the Change

  
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in Control or thereafter, and, in the case of clauses (A), (B) and (C), either (x) based on the full Performance Cycle or (y) pro-rata based on the time that has elapsed in the
applicable Performance Cycle as of the date of the Change in Control or thereafter; 
 (c) Make or provide for a
cash payment to the Optionee holding an Option or Share Appreciation Right, in exchange for the cancellation thereof, in an amount equal to the difference, if any, between (A) the consideration received by the shareholders of the Company in
connection with the Change in Control multiplied by the number of Shares subject to such Option or Share Appreciation Right (to the extent then exercisable (after taking into account any acceleration under this Section 15 or the applicable
Award Agreement) and (B) the aggregate Exercise Price for the Shares that would be issued pursuant to the exercise of such Option or Share Appreciation Right; 

(d) Permit the Optionee, within a specified period of time prior to the consummation of the Change in Control, as
determined by the Committee, to exercise such Option or Share Appreciation Right as of, and subject to, the consummation of such Change in Control (to the extent such Option or Share Appreciation Right would be exercisable as of the consummation of
such Change in Control (after taking into account any acceleration under this Section 15 or the applicable Award Agreement); 
 (e) Provide for the assumption or continuation of an outstanding Award by the successor entity; 
 (f) Provide for the substitution of outstanding Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate, the
applicable Exercise Price; or 
 (g) Make such adjustments as it, in its discretion, determines are necessary or
appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have a material and adverse economic impact on the Participant as determined at the time of the adjustments. 

15.5. Any adjustment made pursuant to this Section 15 applicable to Qualified Performance-Based Awards shall be consistent
with the requirements of Section 162(m) of the Code (unless the Committee determines that such Qualified Performance-Based Award shall not longer be qualified performance-based compensation for purposes of Section 162(m) of the Code).

 15.6. The judgment of the Committee with respect to any matter referred to in this Section 15 shall be conclusive
and binding upon each Participant without the need for any amendment to the Plan. 
  

	16.	MISCELLANEOUS 

 16.1.
No Rights to Employment or Other Service. Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the Company or its Subsidiaries or interfere in any
way with the right of the Company or its Subsidiaries and its shareholders to terminate the individual’s employment or other service at any time. 
 16.2. Right of First Refusal; Right of Repurchase. At the time of grant, the Committee may provide in connection with any grant made under the Plan that Shares received hereunder shall be subject
to a right of first refusal pursuant to which the Company shall be entitled to purchase such Shares in the event of a prospective sale of the Shares, subject to such terms and conditions as the Committee may specify at the time of

  
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grant or (if permitted by the Award Agreement) thereafter, and to a right of repurchase, pursuant to which the Company shall be entitled to purchase such Shares at a price determined by, or under
a formula set by, the Committee at the time of grant or (if permitted by the Award Agreement) thereafter. 
 16.3. No
Fiduciary Relationship. Nothing contained in the Plan (including without limitation Sections 8.5(c) and 9.4), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a
fiduciary relationship between the Company or its Subsidiaries, or their officers or the Committee, on the one hand, and the Participant, the Company, its Subsidiaries or any other person or entity, on the other. No Participant or any Eligible
Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made
by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 
 16.4. No Fund Created. Any and all payments hereunder to any Participant under the Plan shall be made from the general funds of the Company (or, if applicable, a Participating Company), no special
or separate fund shall be established or other segregation of assets made to assure such payments, and the Restricted Share Units and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Shares and
shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding
vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and
constitute a mere promise by the Company to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company, such right shall be no greater than the right of a general
unsecured creditor of the Company. (If any affiliate of the Company is or is made responsible with respect to any Awards, the foregoing sentence shall apply with respect to such affiliate.) Without limiting the foregoing, Restricted Share Units and
any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Restricted Share Units
and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
 16.5.
Notices. All notices under the Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally,
sent by facsimile transmission or mailed to the Participant at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 16.5.

 16.6. Exculpation and Indemnification. No member of the Board or the Committee shall be liable for any act or omission
to act in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, including any exercise of discretion, except to the extent required by law. The Company shall indemnify and hold harmless the
members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties,
responsibilities and obligations under the Plan, to the maximum extent permitted by law. 

  
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 16.7. Captions. The use of captions in this Plan is for convenience. The captions are
not intended to provide substantive rights. 
 16.8. Governing Law. THE PLAN AND ALL AWARD AGREEMENTS SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF MARYLAND WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 
 16.9. Section 409A.

 (a) Awards granted under the Plan are intended to be exempt from Section 409A. To the extent that the
Plan or any Award is not exempt from the requirements of Section 409A, the Plan or such Award is intended to comply with the requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent.
Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A or any damages for failing to comply with Section 409A.

 (b) Notwithstanding anything in the Plan or in any Award Agreement to the contrary, to the extent that any
amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) would be
effected, under the Plan or any Award Agreement by reason of the occurrence of a Change in Control, or the Participant’s Disability or Termination of Service, such amount or benefit will not be payable or distributable to the Participant,
and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or Termination of Service meet the description or definition of “change in
control event”, “disability” or “separation from service”, as applicable, in Section 409A (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit
the vesting of any Award upon a Change in Control, Disability or Termination of Service, however defined. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any
amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the Change in Control, Disability or Termination of Service, as applicable. 

(c) If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption
described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Committee shall determine which Awards or portions thereof will be subject to such
exemptions. 
 (d) Notwithstanding anything in the Plan or in any Award Agreement to the contrary, if any amount
or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A would otherwise be payable or distributable under this Plan or any Award Agreement by reason of a Participant’s Termination of
Service during a period in which the Participant is a Specified Employee, then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j) (4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following the
Participant’s Termination of Service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s Termination of Service (or, if the Participant dies during such period, within 30 days
after the Participant’s death); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of such delay period. 

  
 - 25 -

 (e) If, pursuant to an Award, a Participant is entitled to a series of
installment payments, such Participant’s right to the “series of installment payments” (as described in Treas. Reg. Section 1.409A-2(b)(2)(iii)) shall be treated as a right to a series of separate payments and not to a single
payment. 
 16.10. Severability. If any provision of this Plan is held to be illegal or invalid for any reason, that
illegality or invalidity shall not affect the remaining portions of this Plan, but such provision shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan.
Such an illegal or invalid provision shall be replaced by a revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the
requirements of all applicable laws and regulations, those conflicting terms or provisions shall be deemed inoperative to the extent they conflict with any applicable laws or regulations. 

16.11. Transferability. Each Award granted under the Plan shall be nontransferable by the Grantee except by will or the laws of
descent and distribution of the State wherein the Grantee or Optionee is domiciled at the time of his death; provided, however, that the Committee may permit other transfers, where the Committee concludes that such
transferability (i) does not result in accelerated U.S. federal income taxation, and (ii) is otherwise appropriate and desirable. 
 16.12. Trading Restrictions. All Shares issuable under the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal
or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Common Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate or
issue instructions to the transfer agent to reference restrictions applicable to the Shares. 
 16.13. Clawback.
Notwithstanding any provisions in this Plan or any Award Agreement to the contrary, to the extent required by (i) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010, and/or (ii) any policy that may be adopted by the Company, amounts paid or payable pursuant to this Plan or any Award Agreement shall be subject to clawback to the extent necessary to comply with such law(s) and/or policy, which
clawback may include forfeiture of Awards and/or repayment of amounts paid or payable pursuant to this Plan or any Award Agreement. 
 16.14. Other Benefits. No payment or benefit under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare
or benefit plan of the Company or its Subsidiaries or other affiliates unless provided otherwise in such other plan. Nothing contained in the Plan will prevent the Company from adopting other or additional compensation arrangements, subject to
stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 
 16.15. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge,
consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to assume, continue or substitute awards, other than under the
Plan, to 

  
 - 26 -

 
or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to a Subsidiary or affiliate, for such lawful consideration as the Committee may specify, upon
the condition or understanding that the Subsidiary or affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan.

  
 - 27 -EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 This AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 30, 2013 (the “Effective Date”) among (a) SILICON VALLEY BANK, a California corporation with a loan production office
located at 230 West Monroe, Suite 720, Chicago, Illinois 60606 (“Bank”), and (b) (i) MATTERSIGHT CORPORATION, a Delaware corporation (“Mattersight Corporation”), (ii) MATTERSIGHT EUROPE
HOLDING CORPORATION, a Delaware corporation (“Mattersight Europe”), and (iii) MATTERSIGHT INTERNATIONAL HOLDING, INC., an Illinois corporation, (“Mattersight International”; and together with
Mattersight Corporation and Mattersight Europe, jointly and severally, individually and collectively, “Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. This Agreement amends and
restates in its entirety that certain Loan and Security Agreement, dated as of June 29, 2012, by and among Borrower and Bank, as amended by that certain First Amendment to Loan and Security Agreement, dated as of December 27, 2012 (as
amended, the “Prior Loan Agreement”). The parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS

 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be
made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by
the Code to the extent such terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions
and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Revolving Advances.

 (a) Availability. Subject to the terms and conditions of this Agreement and, after consultation with and notice to
Borrower, to the deduction of Reserves, Bank shall make Advances not exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable
terms and conditions precedent herein. 
 (b) Termination; Repayment. The Revolving Line terminates on the Revolving Line
Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.2 Overadvances. If, at any time, the aggregate outstanding principal amount of any Advances exceeds (i) during a Non-Formula
Streamline Period, the Revolving Line; or (ii) at all other times when a Non-Formula Streamline Period is not in effect, the lesser of either the Revolving Line or the Borrowing Base, then Borrower shall in either case immediately pay to Bank
in cash the amount of such excess (such excess in each case being an “Overadvance”). Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any
Overadvance, on demand, at the Default Rate. 
 2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue
interest at a floating per annum rate equal to the Prime Rate plus the Applicable Margin; provided that during a Performance Pricing Period, the principal amount outstanding under the Revolving Line shall accrue interest at a floating
per annum rate equal to the Prime Rate plus one-quarter of one percent (0.25%), which interest shall in any event be payable monthly in accordance with Section 2.3(f) below. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, unless otherwise elected by
Bank, Obligations shall bear interest at a rate per annum which is five 

 
percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in its sole discretion to
impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the
highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default
or otherwise prejudice or limit any rights or remedies of Bank. 
 (c) Adjustment to Interest Rate. Changes to the
interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d) Computation; 360-Day Year. In computing interest, the date of the making of any Credit Extension shall be included and the date
of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. Interest shall be
computed on the basis of a 360-day year for the actual number of days elapsed. 
 (e) Debit of Accounts. Bank may debit
any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or, after notice to Borrower, any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off.

 (f) Interest Payment Date. Unless otherwise provided, interest is payable monthly in arrears on the first calendar day
of each month. 
 2.4 Fees. Borrower shall pay to Bank: 

(a) [Reserved]; 
 (b) Unused Revolving Line Facility Fee. A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one eighth
of one percent (0.125%) per annum of the average unused portion of the Revolving Line. The unused portion of the Revolving Line, for purposes of this calculation, shall equal the difference between (x) the Revolving Line amount (as it may be
reduced from time to time) and (y) the average for the period of the daily closing balance of the Revolving Line outstanding. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously
earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and 

(c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of
this Agreement) incurred through and after the Effective Date, when due. 
 2.5 Payments. All payments (including
prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 1:00 p.m. Central time on the date when due. Payments of principal and/or interest received
after 1:00 p.m. Central time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as
applicable, shall continue to accrue until paid. 
 3 CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents; 

  
 2 

 (b) duly executed original signatures to the Control Agreement(s), if any; 

(c) to the extent amended and/or modified since last delivered by Borrower to Bank, each Borrower’s Operating Documents, certified by
the Secretary of State for such Borrower’s jurisdiction of incorporation (as applicable), as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d) Secretary’s Certificate with completed Borrowing Resolutions for each Borrower; 
 (e) a long-form good standing certificate (where available) of each Borrower and certificates of foreign qualification/good standing of each Borrower, for all other states in which such Borrower is
qualified to do business, in each case certified by the applicable Secretary of State as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (f) certified copies, dated as of a recent date, of financing statement searches, as Bank shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated
in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 
 (g) evidence satisfactory to Bank that the insurance policies required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or
additional insured clauses in favor of Bank; and 
 (h) payment of the fees and Bank Expenses then due as specified in
Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each
Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 
 (a) timely receipt
of an executed Transaction Report; 
 (b) the representations and warranties in this Agreement shall be true, accurate, and
complete in all material respects on the date of the Transaction Report and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date, and no Default or Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and
warranties in this Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or
modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and

 (c) in Bank’s reasonable discretion, there has not been any material impairment in the general affairs, management,
results of operation, financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures
for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail,
facsimile, or telephone by 1:00 p.m. Central time on the Funding Date of the Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Transaction Report executed
by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer 

  
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or designee. Bank shall credit Advances to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or
without instructions if the Advances are necessary to meet Obligations which have become due. 
 4 CREATION OF SECURITY
INTEREST  
 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in
full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless
of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are satisfied in full, and at such time, Bank shall, at Borrower’s sole cost and expense, terminate its security interest in the Collateral and all rights therein shall revert to Borrower. In the event (a) all Obligations
(other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (b) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to
Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (i) one hundred two percent
(102.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (ii) one hundred seven percent (107.0%) of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a Foreign Currency,
plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)). If Borrower shall acquire a
commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 4.3 Authorization to File
Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any
disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 
 5 REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants
as follows: 
 5.1 Due Organization, Authorization; Power and Authority. Borrower and each of its Subsidiaries are duly
existing and in good standing, as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business and are in good standing in each other jurisdiction in which the conduct of their respective
businesses or ownership of property requires that they be qualified, except where the failure to do so would not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, each Borrower
has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is
that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection

  
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Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth
Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five
(5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and
each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted
by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s organizational identification
number. 
 The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly
authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any
material requirement of any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected in any
material respect, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and
effect and the filing of financing statements necessary to perfect the security interest granted in favor of Bank hereunder), or (v) constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in
default under any agreement to which it is a party or by which it is bound in which the default would reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon which it
purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit accounts with Bank, the deposit accounts, if any, described in the Perfection Certificate
delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein. 
 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral with an
aggregate value of One Hundred Thousand Dollars ($100,000.00) or more (in the aggregate for all Collateral at such location) shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to
Section 7.2. 
 Borrower is the sole owner of the Intellectual Property material to the operation of its business
that it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material
Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property
which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of the
Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing
by or against Borrower or any of its Subsidiaries that would reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand Dollars ($100,000.00) or more (not
covered by independent third-party insurance as to which liability has been accepted by such insurance carrier). 

  
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 5.4 Financial Statements; Financial Condition. All consolidating financial statements
for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidating financial condition and Borrower’s consolidating results of operations. There has not been any material
deterioration in Borrower’s consolidating financial condition since the date of the most recent financial statements submitted to Bank. 
 5.5 Solvency. The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; Borrower is not left with unreasonably small
capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.6 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of
Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a
“subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the violation of which would reasonably be
expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons,
in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and
given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except where the failure to obtain such consents, approvals and authorizations would not reasonably be expected to
have a material adverse effect on Borrower’s business. 
 5.7 Subsidiaries; Investments. Borrower does not own any
stock, partnership interest or other equity securities except for Permitted Investments. 
 5.8 Tax Returns and Payments;
Pension Contributions. Borrower has timely filed all required tax returns and reports, except for returns and reports for taxes, assessments, deposits and contributions in an aggregate amount not exceeding Twenty-Five Thousand Dollars
($25,000.00), and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower, except for taxes, assessments, deposits and contributions in an aggregate amount not exceeding
Twenty-Five Thousand Dollars ($25,000.00). Borrower may defer payment of any contested taxes; provided that Borrower (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted
and conducted, (b) notifies Bank in writing of the commencement of, and any material development in, the proceedings, (c) posts bonds or takes any other steps required to prevent the governmental authority levying such contested taxes from
obtaining a Lien upon any of the Collateral that is other than a Permitted Lien. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which would reasonably be expected to result in additional taxes
becoming due and payable by Borrower. Borrower (x) has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and (y) has not withdrawn from participation in,
and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which would reasonably be expected to result in any liability of Borrower, including any liability to the Pension
Benefit Guaranty Corporation or its successors or any other governmental agency, except where Borrower’s failure to do so would not reasonably be expected to have a material adverse effect on Borrower’s business. 

5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions as working capital and to fund its general business
requirements and not for personal, family, household or agricultural purposes. 
 5.10 Full Disclosure. No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written
statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the
projections and forecasts provided by 

  
 6 

 
Borrower in good faith and based upon reasonable assumptions are not viewed as facts or as a representation or warranty as to future performance and that actual results during the period or
periods covered by such projections and forecasts may differ from the projected or forecasted results). 
 5.11 Accounts
Receivable. 
 (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and
made, such Account shall be an Eligible Account. 
 (b) All statements made and all unpaid balances appearing in all invoices,
instruments and other documents evidencing the Eligible Accounts are and shall be true and correct in all material respects and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all material
respects what they purport to be. All sales and other transactions underlying or giving rise to each Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of
any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible Accounts in the Transaction Report delivered most recently by Borrower to Lender pursuant to Section 6.2(a). To the best of Borrower’s
knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms.

 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is
made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers.

 6 AFFIRMATIVE COVENANTS 
 Borrower shall do all of the following: 
 6.1 Government Compliance.
Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have
a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance with which could have a material adverse
effect on Borrower’s business. 
 6.2 Financial Statements, Reports, Certificates. Deliver to Bank: 

(a) Transaction Reports. A Transaction Report (and any schedules related thereto) (i) with each request for an Advance,
(ii) no later than Friday of each week when a Streamline Period or a Non-Formula Streamline Period is not in effect, and (iii) within thirty (30) days after the end of each month when a Non-Formula Streamline Period or a Streamline
Period is in effect; 
 (b) Monthly Financial Statements. Within thirty (30) days after the last day of each month, a
company prepared consolidating balance sheet and income statement covering Borrower’s consolidating operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial
Statements”); 
 (c) Monthly Compliance Certificate. Within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of
this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank shall reasonably request; 

(d) Accounts Payable/Accounts Receivable/Deferred Revenue Reports. Within thirty (30) days after the last day of each month,
(i) aged listings of accounts receivable and accounts payable (by invoice date) and (ii) a Deferred Revenue report; 

  
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 (e) Annual Audited Financial Statements. As soon as available, but no later than one
hundred fifty (150) days after the last day of Borrower’s fiscal year, audited consolidating financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an
independent certified public accounting firm acceptable to Bank in its reasonable discretion; 
 (f) Other Statements.
Within five (5) days of delivery, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (g) SEC Filings. Within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority
succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent 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 on which Borrower posts such documents, or provides a link thereto, on Borrower’s
website on the Internet at Borrower’s website address; 
 (h) Legal Action Notice. A prompt report of any legal
actions pending or threatened in writing against Borrower or any of its Subsidiaries that would not reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred
Thousand Dollars ($100,000.00) or more (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier); 
 (i) Board-Approved Projections. As soon as available, but no later than the last day of each fiscal year of Borrower, and contemporaneously with any updates or changes thereto, (i) annual
operating budgets (including, without limitation, income statements, balance sheets and cash flow statements) for the immediately following fiscal year of Borrower, and (ii) annual financial projections for the immediately following fiscal year
of Borrower as approved by the Board, together with any related business forecasts used in the preparation of such annual financial projections, all prepared in a form reasonably satisfactory to Bank; and 

(j) Other Financial Information. Budgets, sales projections, operating plans and other financial information reasonably requested
by Bank. 
 6.3 Accounts Receivable. 
 (a) Schedules and Documents Relating to Accounts. Borrower shall deliver to Bank transaction reports and schedules of collections (each a “Transaction Report”), as provided
in Section 6.2, on Bank’s standard forms; provided, however, that Borrower’s failure to execute and deliver the same shall not affect or limit Bank’s Lien and other rights in all of Borrower’s Accounts,
nor shall Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other rights therein. If reasonably requested by Bank, Borrower shall furnish Bank with copies (or, at Bank’s request and to the
extent available, originals) of all material contracts, orders, invoices, and other similar documents, and all shipping instructions, delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which
gave rise to such Accounts. In addition, Borrower shall deliver to Bank, on its reasonable request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property evidencing or securing any
Accounts, in the same form as received, with all necessary indorsements, and copies of all credit memos. 
 (b) Disputes.
Borrower shall promptly notify Bank of all material disputes or claims relating to Accounts. Borrower may forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree to do any of the foregoing so long
as (i) Borrower does so in good faith, in a commercially reasonable manner, in the ordinary course of business, in arm’s-length transactions, and reports the same to Bank in the regular reports provided to Bank; (ii) no Default or
Event of Default has occurred and is continuing; and (iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the lesser of the Revolving Line or the Borrowing Base.

 (c) Collection of Accounts. Borrower shall have the right to collect all Accounts, unless and until an Event of Default
has occurred and is continuing. Borrower shall direct Account Debtors to deliver or 

  
 8 

 
transmit all payments in respect of Accounts into a lockbox account, or via electronic deposit capture into a “blocked account” as specified by Bank (either such account, the
“Cash Collateral Account”), pursuant to a blocked account agreement in form and substance satisfactory to as Bank. Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all payments on
and proceeds of Accounts to the Cash Collateral Account. All amounts deposited in the Cash Collateral Account pursuant to this Section 6.3(c) first, shall be applied by Bank to immediately reduce the Obligations and second, shall be
deposited to the Designated Deposit Account; provided, that during a Non-Formula Streamline Period or a Streamline Period, such payments and proceeds shall be transferred to the Designated Deposit Account. 

(d) [Reserved]. 
 (e) Verification. Following the occurrence and during the continuance of an Event of Default, Bank may verify directly with the respective Account Debtors the validity, amount and other
matters relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of Bank’s security interest in such Account. 

(f) No Liability. Bank shall not be responsible or liable for any shortage or discrepancy in, damage to, or loss or
destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or failure to collect any Account, or for
settling any Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an Account. Nothing herein shall, however,
relieve Bank from liability for its own acts of fraud, gross negligence or willful misconduct. 
 6.4 Taxes; Pensions.
Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports, except as otherwise permitted pursuant to the terms of Section 5.8, and timely pay, and require each of its Subsidiaries to timely
pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested or otherwise permitted pursuant to the terms of
Section 5.8 hereof, and shall deliver to Bank, on reasonable demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in
accordance with their terms, except where Borrower’s failure to do so would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 6.5 Insurance. Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance
policies shall be in a form, with companies, and in amounts that are reasonably satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee and waive subrogation against Bank and
shall provide that the insurer must endeavor to give Bank at least twenty (20) days’ notice before canceling, amending, or declining to renew its policy (provided such notice period shall be ten (10) days if such policy is cancelled
or not renewed due to non-payment of premium). All liability policies shall show, or have endorsements showing, Bank as an additional insured, and all such policies (or the loss payable and additional insured endorsements) shall provide that the
insurer shall endeavor to give Bank at least twenty (20) days’ notice before canceling, amending, or declining to renew its policy (provided such notice period shall be ten (10) days if such policy is cancelled or not renewed due to
non-payment of premium). At Bank’s reasonable request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of
the Obligations. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such
insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 
 6.6
Operating Accounts. 
 (a) Maintain all of Borrower’s and all of its Subsidiaries’ and its parent’s (if any)
primary operating, depository and securities accounts with Bank and Bank’s Affiliates, which accounts at Bank and Bank’s Affiliates maintained in the name of Borrower shall represent at least eighty-five percent (85.0%) of the dollar
value of Borrower’s, its Subsidiaries’ and its parent’s (if any) accounts at all financial institutions. 

  
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 (b) Provide Bank at least five (5) days prior-written notice before establishing any
Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. Immediately upon the expiration of the Transition Period, for each Collateral Account that Borrower at any time maintains, Borrower shall
cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts
exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.7 Tangible Net Worth. Maintain at all times, to be tested as of the last day of each month and calculated on a consolidated basis
for Borrower and its Subsidiaries, a Tangible Net Worth in an amount equal to or greater than Three Million Dollars ($3,000,000), increasing by (i) fifty percent (50%) of positive quarterly Net Income plus (ii) fifty percent
(50%) of the proceeds from issuances of equity and the principal amount of Subordinated Debt, in each case issued after the Effective Date; provided, that the maximum Tangible Net Worth financial covenant hereunder, after giving
effect to such increases, shall not exceed Ten Million Dollars ($10,000,000). 
 6.8 Protection of Intellectual Property
Rights. 
 (a) (i) Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its
Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property that is material to Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s
business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 
 (b) Provide written notice
to Bank within thirty (30) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public and excluding renewals of any Restricted License disclosed in the
Perfection Certificate). Borrower shall, at Bank’s reasonable request, use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed
“Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to
have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

6.9 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or
against Bank with respect to any Collateral or relating to Borrower. 
 6.10 Access to Collateral; Books and Records. In
addition to the Initial Audit (which shall be completed by Bank on or before the date that is ninety (90) days after the Effective Date), allow Bank, or its agents, at reasonable times, on three (3) Business Days’ notice (provided no
notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books (provided that Borrower shall not be required to make available to Bank under this Section 6.10
information that is subject to attorney-client privilege or other information that Borrower is not permitted by statute, regulation or court order to disclose). Such inspections or audits shall be conducted no more often than once every twelve
(12) months unless an Event of Default has occurred and is continuing. Borrower acknowledges and agrees that the first such audit shall occur on or prior to the date that is ninety (90) days after the Effective Date. The Initial Audit and
the other inspections and audits contemplated in this Section 6.10 shall be at Borrower’s expense, and the charge therefor shall be Eight Hundred Fifty Dollars ($850.00) per person per day (or such higher amount as shall represent
Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less
than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank 

  
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a fee of One Thousand Dollars ($1,000.00) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling.

 6.11 Existing Subsidiaries. Notwithstanding and without limiting the affirmative covenant contained in
Section 6.12 and the negative covenants contained in Sections 7.3 and 7.7 hereof, if at any time either Mattersight Canada, individually, or the Other Subsidiaries, collectively, maintain gross assets in an aggregate amount
greater than Five Hundred Thousand Dollars ($500,000.00), Borrower shall (a) cause Mattersight Canada or each of the Other Subsidiaries, as applicable, to provide to Bank a joinder to the Loan Agreement to cause Mattersight Canada or each of
the Other Subsidiaries, as applicable, to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first
priority Lien (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)) in and to the assets of Mattersight Canada or each of the Other Subsidiaries, as applicable), (b) provide
to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in Mattersight Canada or each of the Other Subsidiaries, as applicable, in form and substance satisfactory to Bank, and
(c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the
applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 
 6.12 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the affirmative covenant contained in Section 6.11 and the negative covenants contained in
Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall, unless otherwise directed by Bank in writing,
(a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and
substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)) in and to the assets of such
newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to
Bank; provided, that with respect to any Foreign Subsidiary formed or acquired after the Effective Date, in the event that Borrower and Bank mutually agree that (i) the grant of a continuing pledge and security interest in and to
the assets of any such Foreign Subsidiary, (ii) the guaranty of the Obligations of the Borrower by any such Foreign Subsidiary and/or (iii) the pledge by Borrower of a perfected security interest in one hundred percent (100%) of the
stock, units or other evidence of ownership of each Foreign Subsidiary, could reasonably be expected to have an adverse tax effect on the Borrower, then the Borrower shall only be required to grant and pledge to Bank a perfected security interest in
up to sixty-five percent (65%) of the stock, units or other evidence of ownership of such Foreign Subsidiary, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of
counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this
Section 6.12 shall be a Loan Document. 
 6.13 Further Assurances. Execute any further instruments and take
further action as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 
 6.14 Post-Closing Conditions. 
 (a) Borrower shall deliver to Bank, on or
prior to the date that is ten (10) days after the Effective Date, the duly executed original signature pages to the Loan Documents and other agreements described in Section 3.1, above. 

6.15 Remittance of Proceeds. Except as otherwise provided in Section 6.3(c), deliver, in kind, all proceeds arising
from the disposition of any Collateral to Bank in the original form in which received by Borrower not later than five (5) Business Days after receipt by Borrower, to be applied to the Obligations pursuant to the terms of Section 9.4
hereof; provided that, Borrower shall not be obligated to remit to Bank the proceeds of Transfers permitted pursuant to Section 7.1. Borrower agrees that it will not commingle proceeds of Collateral with any of
Borrower’s other funds or property, but will hold such proceeds separate and apart from such other funds and 

  
 11 

 
property and in an express trust for Bank. Nothing in this Section limits the restrictions on disposition of Collateral set forth elsewhere in this Agreement. 

7 NEGATIVE COVENANTS 
 Borrower shall not do any of the following without Bank’s prior written consent: 
 7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its
business or property, except for Transfers (a) [reserved]; (b) of worn-out or obsolete Equipment or Equipment that is no longer used, useful or useable in connection with Borrower’s business; (c) in connection with Permitted
Liens and Permitted Investments; (d) of non-exclusive licenses and non-exclusive sublicenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; (e) of Cash Equivalents for cash or other Cash
Equivalents of equal or greater value; (f) other Transfers in an aggregate amount not to exceed Ten Thousand Dollars ($10,000.00) in any fiscal year of Borrower; and (g) in connection with any scheduled termination of a capital lease
permitted hereunder. 
 7.2 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or
permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) cause or
permit its President and Chief Executive Officer, who is, as of the Effective Date, Kelly D. Conway, to cease to hold such positions (other than by death or disability of such Person), unless both (A) at least ten (10) days’ prior
written notice shall have been given to Bank, and (B) a replacement for such Person shall be made within sixty (60) days following such Person’s departure from Borrower that is acceptable to the Board; or (ii) enter into any
transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty-nine percent (49.0%) of the voting stock of Borrower immediately
after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture
capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction). Notwithstanding the foregoing, Borrower may liquidate or dissolve an Other Subsidiary as long as any assets of
such Other Subsidiary are transferred to Borrower. 
 Borrower shall not, without at least thirty (30) days prior written
notice to Bank: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000.00) in Borrower’s assets or property) or deliver
any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate,
(2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower
intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000.00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the
Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in
its sole discretion. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. A Subsidiary may merge or consolidate into another Subsidiary or into
Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do
so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its
property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest
granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person 

  
 12 

 
which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering
any of Borrower’s or any Subsidiary’s Intellectual Property, except for Permitted Liens or as otherwise permitted in Section 7.1 hereof. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof. 

7.7 Distributions; Investments. (a) Except for Permitted Investments, pay any dividends or make any distribution or payment or
redeem, retire or purchase any capital stock; provided that (i) Borrower or any Subsidiary may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in
exchange thereof, (ii) Borrower may pay dividends solely in common stock, (iii) any Subsidiary may pay to Borrower (or a Borrower may pay to another Borrower) cash dividends on the stock of such Subsidiary or such Borrower paid and
declared solely for the purpose of funding payments by such Borrower in respect of taxes owing by such Borrower in respect of another Borrower or a Subsidiary, and (iv) Mattersight Corporation may, in an aggregate combined amount for
(A) and (B) not to exceed Seven Hundred Fifty Thousand Dollars ($750,000.00) in any calendar year: (A) pay cash dividends, semi-annually in arrears, with respect to the shares of Series B stock issued by Mattersight Corporation, and
(B) from time to time redeem shares of Series B stock issued by Mattersight Corporation (provided that, for the avoidance of doubt, the holders of Series B stock issued by Mattersight Corporation may convert such stock into common
stock of Mattersight Corporation from time to time); or (b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person and loans owing from Subsidiaries that are not a Borrower to Borrower or another Subsidiary that constitute Permitted Subsidiary Investments or Other Permitted Investments. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination,
intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination
thereof to Obligations owed to Bank. 
 7.10 Compliance. Become an “investment company” or a company controlled
by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of
the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply
with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation would reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or
permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which would
reasonably be expected to result in liabilities of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency, in an aggregate amount exceeding One Hundred Thousand Dollars
($100,000.00). 
 8 EVENTS OF DEFAULT 
 Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 
 8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three
(3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date). During the cure period, the failure to make or pay any payment
specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 
 8.2 Covenant Default. 

  
 13 

 (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4,
6.5, 6.6, 6.7, 6.8(b), 6.10, 6.11, 6.12 or 6.14, or violates any covenant in Section 7; or 
 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than
those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if
the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower
shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit
Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 
 (a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary) on deposit or otherwise
maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days
after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or
receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 
 8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or
(c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while of any of the conditions described in clause (a) exist and/or until any
Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which Borrower is a party
with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Fifty
Thousand Dollars ($50,000.00); or (b) any default by Borrower, the result of which could have a material adverse effect on Borrower’s business; 
 8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000.00) (not covered
by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and the same are not, within thirty (30) days after the entry thereof, discharged or execution thereof
stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or
decree); 
 8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or
other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank 

  
 14 

 
or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; or 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or
invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the
Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement. 
 9
BANK’S RIGHTS AND REMEDIES 
 9.1 Rights and Remedies. While an Event of Default occurs and continues Bank
may, without notice or demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if
an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 

(c) for any Letters of Credit, demand that Borrower (i) deposit cash with Bank in an amount equal to the sum of (A) one hundred
two percent (102.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (B) one hundred seven percent (107.0%) of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a
Foreign Currency, for all such Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations
relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees
scheduled to be paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX Forward Contracts;

 (e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank
considers advisable, notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 
 (f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests
and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior
to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 

(g) apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for
the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale,
advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade
names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this
Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 
 (i) place a
“hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any
Collateral; 
 (j) demand and receive possession of Borrower’s Books; and 

  
 15 

 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or
equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence
and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against
Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance
policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and
(f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection
of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s
foregoing appointment as Borrower’s attorney-in-fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit
Extensions terminates. 
 9.3 Protective Payments. If Borrower fails to obtain the insurance called for by
Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make such payment, and all amounts so
paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank
obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank may apply any
funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine
in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, directly or indirectly enters into a
deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the
reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for
Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the
Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or
destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to
require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver
hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other
remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

  
 16 

 9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of
payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

9.8 Borrower Liability. Each Borrower may, acting singly, request Credit Extensions hereunder. Each Borrower hereby appoints
each other Borrower as agent for such Borrower for all purposes hereunder, including with respect to requesting Credit Extensions hereunder. Each Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made
hereunder, regardless of which Borrower actually receives said Credit Extensions, as if each Borrower hereunder directly received all Credit Extensions. Each Borrower waives (a) any suretyship defenses available to it under the Code or any
other applicable law, and (b) any right to require Bank to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not
exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this
Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Bank under this Agreement) to seek contribution,
indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in
connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with this
Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such
Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 
 10 NOTICES 
 All notices, consents, requests, approvals, demands, or
other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after
deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after
deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address
indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 

 

							
		 		 	If to Borrower:	  	Mattersight Corporation
		 		 		  	Mattersight Europe Holding Corporation
		 		 		  	Mattersight International Holding, Inc.
		 		 		  	200 South Wacker Drive, Suite 820
		 		 		  	Chicago, Illinois 60606
		 		 		  	Attn: Kelly D. Conway
		 		 		  	Fax: (775) 252-9987
		 		 		  	Email: kelly.conway@mattersight.com
			
		 		 	with a copy (which shall not constitute notice) to:
				
		 		 		  	Winston & Strawn LLP
		 		 		  	35 W. Wacker Drive
		 		 		  	Chicago, Illinois 60601
		 		 		  	Attn: Steven J. Gavin, Esq.
		 		 		  	Fax: (312) 558-5700
		 		 		  	Email: sgavin@winston.com
				
		 		 	If to Bank:	  	Silicon Valley Bank
		 		 		  	230 West Monroe Street
		 		 		  	Chicago, Illinois 60606

  
 17 

							
		 		  		  	Attn: Mr. Dennis Grunt
		 		  		  	Fax: (312) 704-1523
		 		  		  	Email: dgrunt@svb.com
			
		 		  	with a copy (which shall not constitute notice) to:
				
		 		  		  	Riemer & Braunstein LLP
		 		  		  	Three Center Plaza
		 		  		  	Boston, Massachusetts 02108
		 		  		  	Attn: Michael R. Horner, Esquire
		 		  		  	Fax: (617) 880-3456
		 		  		  	Email: mhorner@riemerlaw.com

 11 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

Illinois law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in Chicago, Illinois; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction
to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any
such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by
such court. Borrower and Bank hereby waive personal service of the summons, complaints, and other process issued in such action or suit and agree that service of such summons, complaints, and other process may be made by registered or certified mail
addressed to Borrower or Bank at the applicable address set forth in Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s or Bank’s actual receipt thereof or
three (3) days after deposit in the U.S. mails, proper postage prepaid. 
 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH
PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 12 GENERAL
PROVISIONS 
 12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and
permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the
consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys,
or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by
any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from,
consequential to, or arising from transactions between Bank and Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s
gross negligence or willful misconduct. 

  
 18 

 12.3 Time of Essence. Time is of the essence for the performance of all Obligations
in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement is severable from every other
provision in determining the enforceability of any provision. 
 12.5 Correction of Loan Documents. Bank may correct
patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.6 Amendments in
Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent,
expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or
course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any
subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior
negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.8
Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other
obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. Without limiting the foregoing, except as otherwise provided in Section 4.1, the grant of security interest by
Borrower in Section 4.1 shall survive until the termination of all Bank Services Agreements. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such
claim or cause of action shall have run. 
 12.9 Confidentiality. In handling any confidential information, Bank shall
exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank,
collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or
purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit;
(e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less
restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure
to Bank; or (ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use the confidential information for reporting purposes and the development and distribution of databases and market analyses so long as such confidential information is aggregated and
anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for all
Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank
(including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any
liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO 

  
 19 

 
REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS
OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 12.11 Electronic Execution of
Documents. The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act. 
 12.12 Captions. The headings used in this
Agreement are for convenience only and shall not affect the interpretation of this Agreement. 
 12.13 Construction of
Agreement. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties
caused the uncertainty to exist. 
 12.14 Relationship. The relationship of the parties to this Agreement is determined
solely by the provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any
benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not
an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
 12.16 No Novation. Borrower and Bank hereby agree that, effective upon the execution and delivery of this Agreement by each such party, the terms and provisions of the Prior Loan Agreement and each
other Loan Document (as such term is defined in the Prior Loan Agreement), shall be and hereby are amended, restated and superseded in their entirety by the terms and provisions of this Agreement. Nothing herein contained shall be construed as a
substitution or novation of the obligations of Borrower outstanding under the Prior Loan Agreement, any instruments securing the same, which obligations shall remain in full force and effect, except to the extent that the terms thereof are modified
hereby or by instruments or other Loan Documents executed concurrently herewith. Nothing expressed or implied in this Agreement shall be construed as a release or other discharge of any Borrower from any of the Obligations or any liabilities under
the Prior Loan Agreement or any of the security agreements, pledge agreements, mortgages, guaranties or other Loan Documents (as such term is defined in the Prior Loan Agreement), executed in connection therewith. Borrower hereby (i) confirms
and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the Effective Date all references in any such Loan
Document to the “Loan and Security Agreement”, the “Loan Agreement” the “Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Prior Loan Agreement shall
mean the Prior Loan Agreement as amended and restated by this Agreement; and (ii) confirms and agrees that to the extent that the Prior Loan Agreement or any Loan Document executed in connection therewith purports to assign or pledge to the
Bank, or to grant to the Bank a security interest in or lien on, any collateral as security for the Obligations of Borrower or any guarantor from time to time existing in respect of the Prior Loan Agreement, such pledge, assignment or grant of the
security interest or lien is hereby ratified and confirmed in all respects and shall remain effective as of the first date it became effective. 
 13 DEFINITIONS 
 13.1 Definitions. As used in the Loan
Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, and the singular includes the plural. As
used in this Agreement, the following capitalized terms have the following meanings: 

  
 20 

 “Account” is any “account” as defined in the Code with such
additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 
 “Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made. 

“Adjusted Quick Ratio” is the ratio of (a) Quick Assets to (b) Current Liabilities minus the current
portion of Deferred Revenue. 
 “Advance” or “Advances” means an advance (or advances) under
the Revolving Line. 
 “Affiliate” is, with respect to any Person, each other Person that owns or controls
directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability
company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Applicable Margin” is the rate per annum set forth under the relevant column heading below, as determined by Bank
monthly, based on the Compliance Certificate corresponding with the end of each monthly period (as required to be delivered pursuant to Section 6.2(c)) in which Borrower reports and Adjusted Quick Ratio for the monthly period then ended,
as follows: 
  

					
	 Adjusted Quick Ratio
	  	Applicable
Interest
Rate	 
	 >1.50:1.00
	  	 	0.75	% 
	 >1.20:1.00 but < 1.50:1.00
	  	 	1.25	% 
	 < 1.20:1.00
	  	 	1.75	% 

 Notwithstanding the foregoing, (a) until the delivery of the first Compliance Certificate
corresponding with the end of Borrower’s first monthly period ending after the Effective Date, as required to be delivered pursuant to Section 6.2(c), the Applicable Margin applicable to Advances under the Revolving Line shall be
the rate corresponding to an Adjusted Quick Ratio greater than or equal to 1.50:1.00 in the foregoing table, (b) if the Borrower fails to timely deliver any of the financial statements required by Section 6.2 and the related
Compliance Certificate required by Section 6.2(c), by the respective date required thereunder after the end of any applicable reporting period of the Borrower, the Applicable Margin applicable to Advances under the Revolving Line shall
be the rates corresponding to an Adjusted Quick Ratio less than or equal to 1.20:1.00 in the foregoing table until such financial statements and Compliance Certificate are delivered, and (c) no reduction to the Applicable Margin shall become
effective at any time when an Event of Default has occurred and is continuing. 
 If, as a result of any restatement of or other
adjustment to the financial statements of the Borrower or for any other reason, the Bank determines that (x) the Adjusted Quick Ratio as calculated by the Borrower as of any applicable date was inaccurate and (y) a proper calculation of
the Adjusted Quick Ratio would have resulted in different pricing for any period, then (i) if the proper calculation of the Adjusted Quick Ratio would have resulted in higher pricing for such period, the Borrower shall automatically and
retroactively be obligated to pay to the Bank, promptly on demand by the Bank, an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such
period; provided that such period may not exceed one hundred eighty (180) days prior to such demand by Bank; and (ii) if the proper 

  
 21 

 
calculation of the Adjusted Quick Ratio would have resulted in lower pricing for such period, the Bank shall have no obligation to repay any interest or fees to the Borrower. 

“Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the
Borrowing Base minus (b) the outstanding principal balance of any Advances; provided that during a Non-Formula Streamline Period, the “Availability Amount” shall be (a) the Revolving Line minus
(b) the outstanding principal balance of any Advances. 
 “Bank” is defined in the preamble hereof.

 “Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all documented audit fees and expenses and all out-of-pocket costs, and expenses (including
reasonable, documented attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency
Proceedings) or otherwise incurred with respect to Borrower. 
 “Bank Services” are any products, credit
services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without
limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various
agreements related thereto (each, a “Bank Services Agreement”).  
 “Bank Services
Agreement” is defined in the definition entitled “Bank Services” appearing alphabetically in Section 13.1. 
 “Board” is Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the
Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Borrowing Base” is eighty percent (80%) of Eligible Accounts, as determined by Bank from Borrower’s most recent Transaction Report; provided, however, that Bank
has the right to decrease the foregoing percentage in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of
directors and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more
than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s
Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue. 
 “Claims” is defined in Section 12.2. 

  
 22 

 “Code” is the Uniform Commercial Code, as the same may, from time to time,
be enacted and in effect in the State of Illinois; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the
Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or
remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of Illinois, the term “Code” shall mean the Uniform Commercial Code as enacted and in
effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent
or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by
that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement,
interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include
endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights,
copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance or any other extension of credit by Bank for Borrower’s benefit under this
Agreement. 
 “Current Liabilities” are all obligations and liabilities of Borrower to Bank, plus,
without duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year. 

“Default” means any event which with notice or passage of time or both, would constitute an Event of Default.

 “Default Rate” is defined in Section 2.3(b). 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet
recognized as revenue. 
 “Deposit Account” is any “deposit account” as defined in the Code
with such additions to such term as may hereafter be made. 

  
 23 

 “Designated Deposit Account” is Borrower’s deposit account, account
number             , maintained with Bank. 

“Dollars,” “dollars” or use of the sign “$” means only lawful
money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a
Subsidiary organized under the laws of the United States or any state or territory thereof or the District of Columbia. 

“EBITDA” shall mean (a) Net Income, plus (b) Interest Expense, plus (c) to the extent
deducted in the calculation of Net Income, depreciation expense and amortization expense, plus (d) income tax expense. 
 “Effective Date” is defined in the preamble hereof. 

“Eligible Accounts” means Accounts which arise in the ordinary course of Borrower’s business that meet all
Borrower’s representations and warranties in Section 5.11. Bank reserves the right at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment.
Unless Bank otherwise agrees in writing, Eligible Accounts shall not include: 
 (a) Accounts for which the Account Debtor is
Borrower’s Affiliate, officer, employee, or agent; 
 (b) Accounts that the Account Debtor has not paid within ninety
(90) days of invoice date regardless of invoice payment period terms; 
 (c) Accounts with credit balances over ninety
(90) days from invoice date; 
 (d) Accounts owing from an Account Debtor if fifty percent (50%) or more of the
Accounts owing from such Account Debtor have not been paid within ninety (90) days of invoice date; 
 (e) Accounts owing
from an Account Debtor which does not have its principal place of business in the United States, except for Accounts the Account Debtor for which is The Financial Times, Ltd.; 
 (f) Accounts billed from and/or payable to Borrower outside of the United States (sometimes called foreign invoiced accounts); 
 (g) Accounts owing from an Account Debtor to the extent that Borrower is indebted or obligated in any manner to the Account Debtor (as creditor, lessor, supplier or otherwise—sometimes called
“contra” accounts, accounts payable, customer deposits or credit accounts); 
 (h) Accounts owing from an Account
Debtor which is a United States government entity or any department, agency, or instrumentality thereof unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of
1940, as amended; 
 (i) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a
“sale guaranteed”, “sale or return”, “sale on approval”, or other terms if Account Debtor’s payment may be conditional; 
 (j) Accounts owing from an Account Debtor where goods or services have not yet been rendered to the Account Debtor (sometimes called memo billings or pre-billings); 

  
 24 

 (k) Accounts subject to contractual arrangements between Borrower and an Account Debtor
where payments shall be scheduled or due according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s failure to perform in accordance with the contract
(sometimes called contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts); 
 (l)
Accounts owing from an Account Debtor the amount of which may be subject to withholding based on the Account Debtor’s satisfaction of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called
retainage billings); 
 (m) Accounts subject to trust provisions, subrogation rights of a bonding company, or a statutory
trust; 
 (n) Accounts owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account
Debtor unless Bank, Borrower, and the Account Debtor have entered into an agreement acceptable to Bank wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located, (ii) a bona fide sale
of the goods has occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 
 (o) Accounts for which the Account Debtor has not been invoiced; 
 (p) Accounts
that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s business; 

(q) Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond ninety (90) days; 

(r) Accounts arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor; 

(s) Accounts arising from product returns and/or exchanges (sometimes called “warranty” or “RMA” accounts);

 (t) Accounts in which the Account Debtor disputes liability or makes any claim (but only to the extent of such disputed or
claimed amount), or if the Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business; 

(u) Accounts owing from an Account Debtor, whose total obligations to Borrower exceed forty percent (40%) of all Accounts, for the
amounts that exceed that percentage, unless Bank approves in writing; and 
 (v) Accounts for which Bank in its good faith
business judgment determines collection to be doubtful, including, without limitation, accounts represented by “refreshed” or “recycled” invoices. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods,
vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 
 “ERISA” is the
Employee Retirement Income Security Act of 1974, and its regulations. 
 “Event of Default” is defined in
Section 8. 
 “Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a
Business Day. 

  
 25 

 “FX Forward Contract” is any foreign exchange contract by and between
Borrower and Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the
circumstances as of the date of determination. 
 “General Intangibles” is all “general intangibles”
as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment
intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property
damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 “Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and
(d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.2. 

“Initial Audit” is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with
results satisfactory to Bank in its sole and absolute discretion. 
 “Insolvency Proceeding” is any proceeding
by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief. 
 “Intellectual Property” means all of Borrower’s right,
title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and
operating manuals; 
 (c) any and all source code; 
 (d) any and all design rights which may be available to a Borrower; 
 (e) any and
all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified
above; and 

  
 26 

 (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 “Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in
accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower and its Subsidiaries, including, without limitation or duplication,
all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate swap, cap, and similar arrangements, and the
interest portion of any deferred payment obligation (including leases of all types). 
 “Inventory” is all
“inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials,
work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the
above. 
 “Investment” is any beneficial ownership interest in any Person (including stock, partnership
interest or other securities), and any loan, advance or capital contribution to any Person. 
 “Letter of
Credit” is a standby or commercial letter of credit issued by Bank upon request of Borrower based upon an application, guarantee, indemnity or similar agreement. 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind,
whether voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Loan
Documents” are, collectively, this Agreement, the Perfection Certificate, any Bank Services Agreement, any subordination agreement, any notes or guaranties executed by Borrower, and any other present or future agreement between Borrower
and/or for the benefit of Bank, all as amended, restated, or otherwise modified. 
 “Material Adverse Change”
is (a) a material impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of
Borrower; (c) a material impairment of the prospect of repayment of any portion of the Obligations; or (d) Bank determines, based upon information available to it and in its reasonable judgment, that there is a reasonable likelihood that
Borrower shall fail to comply with one or more of the financial covenants in Section 6 during the next succeeding financial reporting period. 
 “Mattersight Canada” is Mattersight (Canada) Corporation, a company organized under the laws of Canada. 
 “Mattersight Corporation” is defined in the preamble hereof. 

“Mattersight Europe” is defined in the preamble hereof. 

“Mattersight International” is defined in the preamble hereof. 

“Monthly Financial Statements” is defined in Section 6.2(a). 

“Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any
date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 
 “Non-Formula Streamline Period” is, on and after the Effective date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the
month following the day that Borrower provides to Bank a written report that Borrower has, for each consecutive day in the immediately preceding monthly period, maintained an Adjusted Quick Ratio equal to or greater than 1.50:1.00 (the
“Non-Formula Streamline Threshold”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day of any month thereafter in which Borrower fails to maintain the
Non-Formula Streamline Threshold, as determined by Bank in its reasonable discretion. Upon the termination of a Non-Formula Streamline Period, Borrower must maintain the Non-Formula Streamline Threshold each consecutive day for one (1) monthly
period as 

  
 27 

 
determined by Bank in its reasonable discretion, prior to entering into a subsequent Non-Formula Streamline Period. Each such Non-Formula Streamline Period shall commence on the first day of the
monthly period following the date Bank receives the written report of Borrower referred to in clause (a) of this definition, subject to the determination by Bank, in its reasonable discretion, that the Non-Formula Streamline Threshold has been
achieved. 
 “Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, Bank
Expenses and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, any interest accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Borrower assigned to Bank, and the performance of Borrower’s duties under the Loan Documents. 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of
State of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited
liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications
thereto. 
 “Other Permitted Investments” is defined in subsection (e) of the definition entitled
“Permitted Investments” appearing alphabetically in this Section 13.1. 
 “Other
Subsidiaries” are each of the Subsidiaries of each Borrower in existence as of the Effective Date, except (a) Mattersight Canada, and (b) any Subsidiary of any Borrower that is itself a Borrower. 

“Patents” means all patents, patent applications and like protections including without limitation improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Perfection
Certificate” is defined in Section 5.1. 
 “Performance Pricing Period” is, on and after
the Effective Date, provided no Event of Default has occurred and is continuing, the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower has achieved EBITDA,
measured on a trailing three month basis for two consecutive monthly periods, as determined by Bank in its reasonable discretion, in an amount equal to or greater than Two Hundred Fifty Thousand Dollars ($250,000) (the “Performance Pricing
Threshold”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day of any month thereafter in which Borrower fails to achieve the Performance Pricing Threshold, as
determined by Bank in its reasonable discretion. Upon the termination of a Performance Pricing Period, Borrower must achieve the Performance Pricing Threshold for two subsequent consecutive monthly reporting periods as determined by Bank in its
reasonable discretion, prior to entering into a subsequent Performance Pricing Period. Each such Performance Pricing Period shall commence on the first day of the monthly period following the date Bank receives the written report of Borrower
referred to in clause (a) of this definition, subject to the determination by Bank, in its reasonable discretion, that the Performance Pricing Threshold has been achieved. 

“Permitted Indebtedness” is: 
 (a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 
 (b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 
 (c) Subordinated Debt; 
 (d) unsecured Indebtedness to trade creditors incurred in
the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the
ordinary course of business; 

  
 28 

 (f) intercompany Indebtedness of a Subsidiary that is not a Borrower hereunder to a Borrower
or another Subsidiary constituting Other Permitted Investments hereunder; 
 (g) Indebtedness secured by Liens permitted under
clauses (a) and (c) of the definition of “Permitted Liens” hereunder; and 
 (h) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above; provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more
burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investments” are:

 (a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection
Certificate; 
 (b) Investments consisting of Cash Equivalents; 

(c) Investments by Borrower in Subsidiaries not to exceed Three Hundred Seventy-Five Thousand Dollars ($375,000.00) in the aggregate in
any fiscal year (collectively, “Permitted Subsidiary Investments”); 
 (d) Investments consisting of
(i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its
Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s board of directors; and 
 (e)
other Investments in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in any fiscal year or Five Hundred Thousand Dollars ($500,000.00) during the term of this Agreement (collectively, “Other Permitted
Investments”). 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable
or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its books; provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and
the Treasury Regulations adopted thereunder; 
 (c) purchase money Liens or capital leases (i) on Equipment acquired or held
by Borrower incurred for financing the acquisition or capital lease of such Equipment securing no more than Six Million Dollars ($6,000,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien
is confined to the property and improvements and the proceeds of the Equipment; and 
 (d) Liens of carriers, warehousemen,
mechanics, materialmen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Hundred
Thousand Dollars ($100,000.00), and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the
property subject thereto; 
 (e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f) Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at
such institutions; provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts; and 

  
 29 

 (g) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by
Liens described in (a) through (f), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase. 

“Permitted Subsidiary Investments” is defined in subsection (c) of the definition entitled “Permitted
Investments” appearing alphabetically in this Section 13.1. 
 “Person” is any individual,
sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency. 
 “Prime Rate” means the rate of interest published in the “Money Rates” section of The
Wall Street Journal, Eastern Edition as the “United States Prime Rate,” even if such rate is not the lowest or best rate available. In the event that The Wall Street Journal, Eastern Edition is not published or such rate does
not appear in The Wall Street Journal, Eastern Edition, the Prime Rate shall be determined by Bank until such time as the Prime Rate becomes available in accordance with past practices. 

“Quick Assets” is, on any date, Borrower’s consolidated, unrestricted and unencumbered cash maintained with
Bank or Bank’s Affiliates, plus gross billed accounts receivable determined according to GAAP. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Requirement of Law” is as to any Person, the organizational or governing
documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 
 “Reserves” means, as of any date of determination, such
amounts as Bank may, after consultation with and notice to Borrower, from time to time establish and revise in its good faith business judgment, reducing the amount of Advances and other financial accommodations which would otherwise be available to
Borrower (a) to reflect events, conditions, contingencies or risks which, as determined by Bank in its good faith business judgment, do or may adversely affect (i) the Collateral or any other property which is security for the Obligations
or its value (including without limitation any increase in delinquencies of Accounts), (ii) the assets, business or prospects of Borrower or any Guarantor, or (iii) the security interests and other rights of Bank in the Collateral
(including the enforceability, perfection and priority thereof); or (b) to reflect Bank’s reasonable belief that any collateral report or financial information furnished by or on behalf of Borrower or any Guarantor to Bank is or may have
been incomplete, inaccurate or misleading in any material respect; or (c) in respect of any state of facts which Bank determines constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default.

 “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and
Controller of Borrower.  
 “Restricted License” is any material license or other agreement with respect
to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or
termination of could interfere with the Bank’s right to sell any Collateral. 
 “Revolving Line” is
an Advance or Advances in an aggregate amount not to exceed Ten Million Dollars ($10,000,000.00) outstanding at any time. 
 “Revolving Line Maturity Date” is May 29, 2015 (24 months after the Effective Date). 
 “SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority. 

  
 30 

 “Secretary’s Certificate” is, with respect to any Person, a
certificate executed by such Person’s Secretary on behalf of such Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party,
(b) that attached as Exhibit A to such certificate is a true, correct, and complete copy of the Borrowing Resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan
Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively
rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 
 “Securities Account” is any “securities account” as defined in the Code with such additions to such term as may hereafter be made. 

“Streamline Period” is, on and after the Effective date, provided no Event of Default has occurred and is continuing,
the period (a) commencing on the first day of the month following the day that Borrower provides to Bank a written report that Borrower has, for each consecutive day in the immediately preceding monthly period, maintained an Adjusted Quick
Ratio equal to or greater than 1.20:1.00 but less than 1.50:1.00 (the “Streamline Threshold”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day of any
month thereafter in which Borrower fails to maintain the Streamline Threshold, as determined by Bank in its reasonable discretion. Upon the termination of a Streamline Period, Borrower must maintain the Streamline Threshold each consecutive day for
one (1) monthly period as determined by Bank in its reasonable discretion, prior to entering into a subsequent Streamline Period. Borrower shall give Bank prior written notice of Borrower’s election to enter into any such Streamline
Period, and each such Streamline Period shall commence on the first day of the monthly period following the date Bank receives the written report of Borrower referred to in clause (a) of this definition, subject to the determination by Bank, in
its reasonable discretion, that the Streamline Threshold has been achieved. 
 “Subordinated Debt” is
indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between
Bank and the other creditor), on terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation,
partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Tangible Net Worth” is, on any date, the consolidated total assets of Borrower and its Subsidiaries minus (a) any amounts attributable to (i) goodwill,
(ii) intangible items including unamortized debt discount and expense, Patents, Trademarks, Copyrights, and research and development expenses except prepaid expenses, (iii) notes, accounts receivable and other obligations owing to Borrower
from its officers or other Affiliates, and (iv) reserves not already deducted from assets, minus (b) Total Liabilities , plus (c) Subordinated Debt. 

“Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s
consolidated balance sheet, including all Indebtedness. 
 “Trademarks” means any trademark and servicemark
rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transaction Report” is defined in Section 6.3(a). 

“Transfer” is defined in Section 7.1. 

“Unused Revolving Line Facility Fee” is defined in Section 2.4(b). 

[Signature Page Follows] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	MATTERSIGHT CORPORATION
		
	By:	 	/s/ Christine R. Carsen
	Name:	 	Christine R. Carsen
	Title:	 	VP, General Counsel and Corporate Secretary
	
	MATTERSIGHT EUROPE HOLDING CORPORATION
		
	By:	 	/s/ Christine R. Carsen
	Name:	 	Christine R. Carsen
	Title:	 	Director & Secretary
	
	MATTERSIGHT INTERNATIONAL HOLDING, INC.
		
	By:	 	/s/ Christine R. Carsen
	Name:	 	Christine R. Carsen
	Title:	 	Director & Secretary
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Tom Hertzberg
	Name:	 	Tom Hertzberg
	Title:	 	Vice President

  
 32 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts,
certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter
acquired, wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and
interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include: (a) any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; or (b) more than sixty-five percent (65%) of the presently existing and hereafter arising issued and
outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary in existence as of the Effective Date and disclosed to Bank, which shares entitle the holder thereof to vote for directors or any other matter. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual
Property without Bank’s prior written consent. 

  
 33 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                          
                            
		
	FROM:	  	 MATTERSIGHT CORPORATION
 MATTERSIGHT EUROPE HOLDING CORPORATION
 MATTERSIGHT INTERNATIONAL HOLDING, INC. (jointly and
severally, individually and collectively, “Borrower”)

 The undersigned authorized officer of Borrower certifies that under the terms and conditions of the
Amended and Restated Loan and Security Agreement among Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and
warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date;
(4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement, and Borrower has timely paid all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower, except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any
of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as
explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that is determined
not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	Complies
			
	Monthly consolidating financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes No
			
	Annual consolidating financial statement (CPA Audited)	  	FYE within 150 days	  	Yes No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes No
			
	A/R, A/P Agings, and Deferred Revenue reports	  	Monthly within 30 days	  	Yes No
			
	Board-approved Projections	  	Annually prior to FYE	  	Yes No

  
 34 

					
	Transaction Reports	  	Weekly (monthly within 30 days during a Non-Formula Streamline Period or a Streamline Period), and with each request for a Credit Extension	  	Yes
No

  

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Minimum Tangible Net Worth (at all times, to be tested monthly)
	  	 	*	  	  	$	        	  	  	 	Yes No	  

  

	*	See Section 6.7 

 The following financial
covenant analysis and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”) 

 
  
  

 
  

 
  

									
	MATTERSIGHT CORPORATION	 		 	BANK USE ONLY
				
	By:	 	 	 		 	Received
by:                                        
         
	Name:	 	 	 		 	 AUTHORIZED SIGNER

	Title:	 	 	 		 	Date:
                                         
                   
			
	MATTERSIGHT EUROPE HOLDING CORPORATION	 		 	Verified:
                                         
                       
		 		 	 AUTHORIZED SIGNER

	By:	 	 	 		 	Date:
                                         
                   
	Name:	 	 	 		 	Compliance Status: Yes     No
	Title:	 	 	 		 		 	

  
 35 

			
	MATTERSIGHT INTERNATIONAL HOLDING, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 36 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:
                                         
                     
 I. Tangible
Net Worth (Section 6.7) 
 Required: Maintain at all times, to be tested as of the last day of each month and calculated on a consolidated
basis for Borrower and its Subsidiaries, a Tangible Net Worth in an amount equal to or greater than Three Million Dollars ($3,000,000), increasing by fifty percent (50%) of positive quarterly Net Income plus fifty percent (50%) of
the proceeds from issuances of equity and the principal amount of Subordinated Debt, in each case issued after the Effective Date; provided, that the maximum Tangible Net Worth financial covenant hereunder, after giving effect to such
increases, shall not exceed Ten Million Dollars ($10,000,000). 
 Actual: 

 

							
	 A.
	  	Consolidated total assets of Borrower and its Subsidiaries	  	 	$                          
  	  
	 B.
	  	Subordinated Debt	  	 	$                          
  	  
	 C.
	  	ADJUSTED TOTAL ASSETS (the sum of lines A and B)	  	 	$                          
  	  
	 D.
	  	Amounts attributed to goodwill	  	 	$                          
  	  
	 E.
	  	Intangible items including unamortized debt discount and expense, Patents, Trademarks, Copyrights, and research and development expenses except prepaid expenses	  	 	$                          
  	  
	 F.
	  	Notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates	  	 	$                          
  	  
	 G.
	  	Reserves not already deducted from assets	  	 	$                          
  	  
	 H.
	  	Obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness	  	 	$                          
  	  
	 I.
	  	TANGIBLE NET WORTH (line C minus line D minus line E minus line F minus line G minus line H)	  	 	$                          
  	  

  
 37 

 Is line I equal to or greater than $3,000,000, as increased by (i) fifty percent (50%) of positive
quarterly Net Income plus (ii) fifty percent (50%) of the proceeds from issuances of equity and the principal amount of Subordinated Debt, in each case issued after the Effective Date; provided, that the maximum
Tangible Net Worth financial covenant hereunder, after giving effect to such increases, shall not exceed Ten Million Dollars ($10,000,000)? 
  

			
	                             No,
not in compliance	 	                            
Yes, in compliance

  
 38 

 II. Non-Formula Streamline Period/Streamline Period/Applicable Margin 

Required: See Below 
 Actual: 

 

							
	A.	  	Aggregate value of Borrower’s consolidated unrestricted and unencumbered cash maintained with Bank and Bank’s Affiliates	  	 	$                    	  
	B.	  	Aggregate value of gross billed accounts receivable	  	 	$                    	  
	C.	  	Quick Assets (the sum of lines A and B)	  	 	$                    	  
	D.	  	Aggregate value of all Obligations of Borrower to Bank	  	 	$                    	  
	E.	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise
reflected in line D above that matures within one (1) year	  	 	$                    	  
	F.	  	Current Liabilities (the sum of lines D and E)	  	 	$                    	  
	G.	  	Aggregate value of current portion of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as revenue	  	 	$                    	  
	H.	  	Line F minus G	  	 	$                    	  
	I.	  	Adjusted Quick Ratio (line C divided by line H)	  	 	                :1.00	  

 Non-Formula Streamline Period: 
 Is line I equal to or greater than 1.50:1:00? 

                  No, Non-Formula
Streamline Period not in effect 

                  Yes, Non-Formula
Streamline Period in effect 
 Is line I equal to or greater than 1.20:1:00 but less than 1.50:1.00? 

                  No Streamline Period
not in effect 

                  Yes Streamline Period
in effect 
 Applicable Margin:
                          % 
  

					
	 Adjusted Quick Ratio
	  	Applicable
Interest
Rate	 
	 >1.50:1.00
	  	 	0.75	% 
	 >1.20:1.00 but < 1.50:1.00
	  	 	1.25	% 
	 < 1.20:1.00
	  	 	1.75	% 

  
 39 

 III. Performance Pricing Period 
 Required: Achieve EBITDA, measured on a trailing three month basis for two consecutive monthly periods, as determined by Bank in its reasonable discretion, in an amount equal to or greater than Two
Hundred Fifty Thousand Dollars ($250,000). 
 Actual: All amounts measured on a trailing three month basis: 

 

							
	A.	  	1. Net Income	  	 	$                    	  
		  	To the extent deducted from the calculation of Net Income:	  	 	$                    	  
		  	2. Interest Expense	  	 	$                    	  
		  	3. Depreciation expense and amortization expense	  	 	$                    	  
		  	4. Income tax expense	  	 	$                    	  
	C.	  	EBITDA [line A plus the sum of lines B.1 through B.4]	  	 	$                    	  

 Is line C equal to or greater than $250,000 for the prior two monthly reporting periods? 

                  No, Performance Pricing Period not in
effect              Yes, Performance Pricing Period in effect 

  
 40

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