Document:

Investment Management Agreement

 Exhibit 10.3 

 
  
 IC-II INVESTMENTS LLC 
 as Company 

and 
 FS
INVESTMENT CORPORATION II 
 as Investment Manager 
 INVESTMENT MANAGEMENT AGREEMENT 
 Dated as of July 2, 2012 

 
  

 INVESTMENT MANAGEMENT AGREEMENT, dated as of July 2, 2012 (this
“Agreement”), between IC-II INVESTMENTS LLC, a Delaware limited liability company (the “Company”), and FS INVESTMENT CORPORATION II, a Maryland corporation (in such capacity, the “Investment
Manager”). 
 WHEREAS, the Company desires to engage the Investment Manager to provide the services described herein,
and the Investment Manager desires to provide such services; and 
 WHEREAS, capitalized terms used herein that are not
otherwise defined herein shall have the respective meanings ascribed thereto in the ISDA 2002 Master Agreement, dated as of July 2, 2012 (together with the Schedule, Credit Support Annex and the Confirmation related thereto, as amended,
modified, extended, supplemented or restated from time to time, collectively, the “Swap Agreement”), between the Company and Citibank, N.A. (“Citibank”). 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein, the parties hereto hereby agree as follows: 

 

	 	1.	Management Services. 

 The
Investment Manager will provide the Company with the following services (in accordance with and subject to the applicable requirements of, and the restrictions and limitations set forth in, the Swap Agreement and the Company’s limited liability
company agreement (the “LLC Agreement”)): 
 (a) selecting the specific Reference Obligations to
be included in the portfolio of obligations subject to the Swap Agreement (the “Portfolio”); 

(b) with respect to any action submitted to a vote of the holders of the applicable Reference Obligations as to which the
Investment Manager and/or the Company is opposed, to the extent Citibank holds such Reference Obligations, requesting on behalf of the Company that Citibank vote against such action (or otherwise withhold its consent); 

(c) with respect to Citibank’s exercise (including but not limited to any waiver) of any rights (including but not
limited to voting rights and rights arising in connection with the bankruptcy or insolvency of an underlying obligor of any Reference Obligation (each, an “Underlying Obligor”) or the consensual or non-judicial restructuring of the
debt or equity of an Underlying Obligor) or remedies in connection with any Reference Obligations held by Citibank and participating in the committees (official or otherwise) or other groups formed by creditors of an Underlying Obligor, requesting
or electing not to request on behalf of the Company that Citibank exercise such rights or remedies; 
 (d) from
time to time on or after the termination of the Swap Agreement, determining the specific debt obligations or other assets to be purchased or sold by the Company; 

 (e) from time to time on or after the termination of the Swap Agreement,
effecting the purchase and sale of debt obligations or other assets to be purchased or sold by the Company; 

(f) monitoring the ratings of the Reference Obligations; 

(g) determining whether each Loan to be included in the Portfolio meets the Obligation Criteria; 

(h) determining whether the Portfolio of Reference Obligations meets the Portfolio Criteria; 

(i) monitoring the Reference Obligations on an ongoing basis; 

(j) causing the Company to deliver Eligible Collateral to Citibank in such amounts and at such times as may be required by
the Swap Agreement; 
 (k) determining whether to terminate one or all of the Transactions; 

(l) arranging for the sale of any Reference Obligations held by Citibank to the extent provided by Clause 4(a) of the
Confirmation constituting part of the Swap Agreement; 
 (m) delivering notices and instructions to Citibank as
required by the Swap Agreement; and 
 (n) directing the Company to comply with such other duties and
responsibilities as may be expressly required of the Company by the Swap Agreement. 
 The Company agrees for the benefit of the
Investment Manager and Citibank to follow the lawful instructions and directions of the Investment Manager in connection with the Investment Manager’s services hereunder. 
 The Investment Manager shall use reasonable care in rendering its services hereunder, using a degree of skill and attention no less than that which the Investment Manager exercises with respect to
comparable assets that it manages for itself and for others in accordance with its existing practices and procedures which the Investment Manager reasonably believes to be consistent with those followed by institutional managers of national standing
relating to assets of the nature and character of the Reference Obligations, except as expressly provided otherwise in this Agreement or the Swap Agreement. Subject to the immediately preceding sentence, the Investment Manager shall follow its
customary standards, policies, and procedures in performing its duties hereunder and under the Swap Agreement. The Investment Manager shall comply with and perform all the duties and functions that have been specifically delegated to it under this
Agreement and the Swap Agreement. The Investment Manager shall not be bound to follow any amendment to the Swap Agreement, however, until it has received a copy of the amendment from the Company or Citibank and, in addition, the Investment Manager
shall not be bound by any amendment to the Swap Agreement which adversely affects in any material respects the obligations of the Investment Manager unless the Investment Manager shall have consented

  
 2 

 
thereto in writing. The Company agrees that it will not permit any amendment to the Swap Agreement that adversely affects the duties or liabilities of the Investment Manager to become effective
unless the Investment Manager has been given prior written notice of such amendment and consented thereto in writing. 
 To the
extent necessary or appropriate to perform all of the duties to be performed by it hereunder, the Investment Manager shall have the power to negotiate, execute and deliver all necessary documents and instruments on behalf of the Company with respect
to the rights and obligations of the Company under the Swap Agreement. 
 The Investment Manager shall have no obligation to
perform any duties other than those specified herein or in the Swap Agreement, including, for the avoidance of doubt, such duties required of the Company. 
  

	 	2.	Brokerage. 

 The
Investment Manager shall use reasonable efforts to obtain the best prices and execution for all sales arranged with respect to any Reference Obligations pursuant to the Swap Agreement, and all assets of the Company, considering all circumstances.
Subject to the objective of obtaining best prices and execution, the Investment Manager may take into consideration research and other brokerage services furnished to the Investment Manager or its Affiliates by brokers and dealers which are not
Affiliates of the Investment Manager. Such services may be used by the Investment Manager or its Affiliates in connection with its other advisory activities or investment operations. The Investment Manager may aggregate sales and purchase orders of
securities placed with respect to the Reference Obligations, and all assets of the Company, with similar orders being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates of the Investment
Manager, if in the Investment Manager’s sole judgment such aggregation shall result in an overall economic benefit to the Company taking into consideration the selling or purchase price, brokerage commission and other expenses. In accounting
for such aggregated order price, commission and other expenses shall be averaged on a per position basis. 
 The Company
acknowledges that the determination of any such economic benefit by the Investment Manager is subjective and represents the Investment Manager’s evaluation at the time that the Company will be benefited by better purchase or sales prices, lower
commission expenses and beneficial timing of transactions or a combination of these and other factors. When any aggregate sales or purchase orders occur, the objective of the Investment Manager (and any of its Affiliates involved in such
transactions) shall be to allocate the executions among the accounts in an equitable manner. 
 Subject to the Investment
Manager’s execution obligations described herein, the Investment Manager is hereby authorized to effect client cross-transactions where the Investment Manager causes a transaction to be effected between the Company and another account advised
by it or any of its Affiliates; provided that, if and to the extent required by the Advisers Act, such authorization is terminable at the Company’s option without penalty, effective upon receipt by the Investment Manager of written
notice from the Company. In addition, the Company hereby consents to, and authorizes the Investment Manager to enter into, agency cross-transactions 

  
 3 

 
where it or any of its Affiliates acts as broker for the Company and for the other party to the transaction, to the extent permitted under applicable law; provided that the Company shall
have the right to revoke such consent at any time by written notice to the Investment Manager. 
  

	 	3.	The Representations and Warranties of the Company. 

 The Company represents and warrants to the Investment Manager that: 

(a) the Company has been duly organized and is validly existing under the laws of Delaware, has the full power and
authority to own its assets and the obligations proposed to be owned by it and to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property or the
conduct of its business requires, or the performance of its obligations under this Agreement and the Swap Agreement would require, such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate
have a material adverse effect on the business, operations, assets or financial condition of the Company; 
 (b)
the Company has full corporate power and authority to execute, deliver and perform this Agreement, the Swap Agreement and all obligations required hereunder and under the Swap Agreement, and the performance of all obligations imposed upon it
hereunder and thereunder; 
 (c) this Agreement has been duly authorized, executed and delivered by it and
constitutes its valid and binding obligation, enforceable in accordance with its terms except that the enforceability thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other
similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(d) no consent, approval, authorization or order of or declaration or filing with any government, governmental
instrumentality or court or other person is required for the performance by the Company of its duties hereunder, except such as have been duly made or obtained; 
 (e) neither the execution and delivery of this Agreement nor the fulfillment of the terms hereof conflicts with or results in a material breach or violation of any of the material terms or provisions of
or constitutes a material default under (i) the Company’s certificate of formation, operating agreement or other constituent documents, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note,
agreement or other evidence of indebtedness or other material agreement, obligation, condition, covenant or instrument to which the Company is a party or is bound, (iii) any statute applicable to the Company, or (iv) any law, decree,
order, rule or regulation applicable to the Company of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Company or its properties, and which would have a
material adverse effect upon the performance by the Company of its duties under this Agreement; 

  
 4 

 (f) neither the Company nor any of its Affiliates are in violation of any
U.S. federal or state securities law or regulation promulgated thereunder and there is no charge, investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to the best knowledge of the Company, threatened that
would have a material adverse effect upon the performance by the Company of its duties under this Agreement; 

(g) the Company has not engaged in any transaction that would result in the violation of, or require registration as an
investment company under, the Investment Company Act; 
 (h) the Company is not required to register as an
“investment company” under the Investment Company Act; and 
 (i) there is no charge, investigation,
action, suit or proceeding before or by any court pending or, to the best knowledge of the Company, threatened that, if determined adversely to the Company, would have a material adverse effect upon the performance by the Company of its duties
under, or on the validity or enforceability of, this Agreement or the provisions of the Swap Agreement applicable to the Company thereunder. 
  

	 	4.	Representations and Warranties of the Investment Manager. 

 The Investment Manager represents and warrants to the Company that: 

(a) the Investment Manager is duly incorporated and validly existing under the laws of Maryland and has the full power and
authority to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where the conduct of its business requires, or the performance of its obligations under this Agreement and the provisions
of the Swap Agreement applicable to the Investment Manager would require, such qualification, except for failures to be so qualified, authorized or licensed which would not in the aggregate have a material adverse effect on the business, operations,
assets or financial condition of the Investment Manager, or on the ability of the Investment Manager to perform its obligations under, or on the validity or enforceability of, this Agreement and the applicable provisions of the Swap Agreement;

 (b) the Investment Manager has full power and authority to execute and deliver this Agreement and to perform
all of its obligations hereunder and under the Swap Agreement; 
 (c) this Agreement has been duly authorized,
executed and delivered by the Investment Manager and constitutes a valid and binding agreement of the Investment Manager, enforceable against it in accordance with its terms, except that the enforceability thereof may be subject to
(i) bankruptcy, insolvency, reorganization, 

  
 5 

 
moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in
a proceeding in equity or at law); 
 (d) neither the Investment Manager nor any of its Affiliates is in
violation of any federal or state securities law or regulation promulgated thereunder or any material listing requirements of any exchange on which it is listed and there is no charge, investigation, action, suit or proceeding before or by any
court, exchange or regulatory agency pending or, to the best knowledge of the Investment Manager, threatened, that in either case would have a material adverse effect upon the performance by the Investment Manager of its duties under this Agreement;

 (e) neither the execution and delivery of this Agreement, nor the performance of the terms hereof or the
provisions of the Swap Agreement applicable to the Investment Manager, conflicts with or results in a material breach or violation of any of the material terms or provisions of, or constitutes a material default under, (i) its articles of
organization, bylaws or other constituent document, (ii) the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other material agreement, obligation, condition,
covenant or instrument to which the Investment Manager is a party or is bound, (iii) any statute applicable to the Investment Manager, or (iv) any law, decree, order, rule or regulation applicable to the Investment Manager of any court or
regulatory, administrative or governmental agency, body or authority or arbitrator having or asserting jurisdiction over the Investment Manager or its properties, and which would have, in the case of any of clauses (ii) through (iv) of
this paragraph (e), a material adverse effect upon the performance by the Investment Manager of its duties under this Agreement or the provisions of the Swap Agreement applicable to the Investment Manager; and 

(f) no consent, approval, authorization or order of or declaration or filing with any government, governmental
instrumentality or court or other person is required for the performance by it of its duties hereunder, except such as have been duly made or obtained. 
  

	 	5.	Expenses. 

 The Investment
Manager shall pay all expenses and costs (including salaries, rent and other overhead) incurred by it in connection with its services under this Agreement; provided that the Investment Manager shall not be liable for and the Company shall be
responsible for the payment of (i) expenses and costs of legal advisers (including reasonable expenses and costs associated with the use of internal legal counsel of the Investment Manager), consultants and other professionals retained by the
Company or by the Investment Manager, on behalf of the Company, in connection with the services provided by the Investment Manager pursuant to this Agreement and the Swap Agreement, (ii) the reasonable cost of asset pricing and asset rating
services, and accounting, programming and data entry services that are retained in connection with services of the Investment Manager under this Agreement, (iii) travel expenses (airfare, meals, lodging and other transportation) incurred by the
Investment Manager as is reasonably necessary in connection with the selection of Reference Obligations to be included in the 

  
 6 

 
Portfolio and the negotiation, documentation, default or restructuring of any Reference Obligation held by Citibank, and (iv) any extraordinary costs and expenses incurred by the Investment
Manager in the performance of its obligations under this Agreement and the Swap Agreement. To the extent that such expenses are incurred in connection with obligations that are also held by the Investment Manager, the Investment Manager shall
allocate the expenses among the accounts in a fair and equitable manner. Any amounts payable pursuant to this Section 5 shall be reimbursed by the Company to the extent funds are available therefor. 

 

	 	6.	Fees. 

(a) The Company shall pay to the Investment Manager, for services rendered and performance of its obligations under this
Agreement fees which are payable in arrears on the fifth Business Day following the last day of each Quarterly Period (subject to availability of funds) in an amount equal to 0.35% per annum of the Portfolio Notional Amount measured as of the
last day of the related Quarterly Period immediately preceding such payment date (the “Management Fees”). The Management Fees will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days
elapsed. 
 (b) The Investment Manager may, in its sole discretion, (i) waive all or any portion of the
Management Fees or (ii) defer all or any portion of the Management Fees. Such deferred amounts will become payable on the next Payment Date in the same manner and priority as their original characterization would have required unless deferred
again. 
 (c) If this Agreement is terminated pursuant to Section 11 hereof or otherwise, the Management
Fees calculated as provided in Section 6(a) hereof shall be prorated for any partial periods between Payment Dates during which this Agreement was in effect and shall be due and payable, along with any deferred Management Fees, on the first
Payment Date following the effective date of such termination. 
 (d) The Management Fees will be payable from
the assets of the Company. If on any payment date there are insufficient funds to pay the Management Fees then due in full, the amount not so paid shall be deferred without interest and shall be payable on the next payment date, if any, on which any
funds are available therefor. 
 (e) The Investment Manager hereby agrees not to cause the filing of a petition
in bankruptcy against the Company for any reason whatsoever, including, without limitation, the non-payment of the Management Fees, except in accordance with the provisions of Section 20 hereof. 

 

	 	7.	Non-Exclusivity. 

 The
services of the Investment Manager to the Company are not to be deemed exclusive, and the Investment Manager shall be free to render asset management or management services to other Persons (including Affiliates, other investment companies, and
clients having objectives similar to those of the Company). It is understood and agreed that the officers and directors of the Investment Manager may engage in any other business activity or render services

  
 7 

 
to any other Person or serve as partners, officers or directors of any other firm or corporation. Notwithstanding the foregoing, it is understood and agreed that the Investment Manager will at no
time render any services to, or in any way participate in the organization or operation of, any investment company or other entity if such actions would require the Company to register as an “investment company” under the Investment
Company Act. Subject to Section 9 hereof, it is understood and agreed that information or advice received by the Investment Manager and officers or directors of the Investment Manager hereunder shall be used by such organization or such persons
to the extent permitted by applicable law. 
  

	 	8.	Conflicts of Interest. 

The Investment Manager may, subject to applicable legal requirements, direct the Company (i) to select any Reference Obligations to
be included in the Portfolio, (ii) to notify Citibank of its election to terminate one or more Transactions, or (iii) to acquire any Reference Obligations from Citibank in connection with the termination of the Swap Agreement to the extent
permitted by Clause 4 of the Confirmation constituting part of the Swap Agreement. 
 Notwithstanding the provisions of the
preceding paragraph, various potential and actual conflicts of interest may arise from the overall investment activity of the Investment Manager and its Affiliates. The Investment Manager, its Affiliates and their respective clients may invest in
obligations that would be appropriate for inclusion in the Portfolio. Such investments may be different from the Reference Obligations selected by the Company under the Swap Agreement. The Investment Manager and its Affiliates may have ongoing
relationships with, and may own equity or debt obligations issued by, companies that are the Underlying Obligors of the Reference Obligations. The Investment Manager and its Affiliates and the clients of the Investment Manager or its Affiliates may
invest in obligations that are senior to, or have interests different from or adverse to, the Reference Obligations. The Investment Manager may serve as Investment Manager for, invest in, or be affiliated with, other entities organized to enter into
total return swap transactions. The Investment Manager may at certain times be simultaneously seeking to purchase or sell investments for other entities for which it serves as Investment Manager, or for its clients and Affiliates, and selecting such
investments as Reference Obligations to be included in the Portfolio. Furthermore, the Investment Manager and/or its Affiliates may make an investment on their behalf or on behalf of any account that they manage or advise without selecting such
investment opportunity as a Reference Obligation to be included in the Portfolio. 
 The Company hereby acknowledges the various
potential and actual conflicts of interest that may exist with respect to the Investment Manager; provided that nothing in this Section 8 shall be construed as altering the duties of the Investment Manager as set forth in this Agreement,
the Swap Agreement or the requirements of any law, rule or regulation applicable to the Investment Manager. 
  

	 	9.	Records; Confidentiality. 

The Investment Manager shall maintain appropriate books of account and records relating to services performed hereunder, and such books of
account and records shall be accessible for inspection by a representative of the Company, Citibank, and independent accountants appointed by the Company at a mutually agreed time during normal business hours and upon not less than three
(3) Business Days’ prior notice. 

  
 8 

 At no time will the Investment Manager make a public announcement concerning the Swap
Agreement, the Investment Manager’s role hereunder or any other aspect of the transactions contemplated by this Agreement and the Swap Agreement absent the written consent of the Company. 

The Investment Manager shall, and shall cause its Affiliates to, keep confidential any and all information obtained in connection with
the services rendered hereunder and shall not disclose any such information to non-affiliated third parties except (i) with the prior written consent of the Company, (ii) as required by law, regulation, court order or the rules or
regulations of any self regulating organization, body or official having jurisdiction over the Investment Manager, (iii) to its professional advisers, (iv) such information as shall have been publicly disclosed other than in violation of
this Agreement, (v) the identification of the Company as a client of the Investment Manager, (vi) information related to the performance of the Investment Manager, (vii) information furnished in connection with any successor
investment manager or assignee, or any agent that has been assigned duties in accordance with this Agreement, or (viii) such information that was or is obtained by the Investment Manager on a non-confidential basis; provided that the
Investment Manager does not know or have reason to know, after due inquiry, of any breach by such source of any confidentiality obligations with respect thereto. For purposes of this Section 9, Citibank shall in no event be considered a
“non-affiliated third party,” and the Investment Manager may disclose any of the aforementioned information to Citibank insofar as such information relates to the Company’s performance of its obligations under the Swap Agreement.

  

	 	10.	Term. 

 This Agreement
shall become effective on the date hereof and shall continue unless terminated as hereinafter provided. 
  

	 	11.	Termination. 

 (a) This Agreement may be terminated, and the Investment Manager may be removed, without payment to the Investment Manager of any penalty, for cause upon prior written notice by the Company, acting with
the consent of Citibank; provided that such notice may be waived by the Investment Manager. For this purpose, “cause” will mean the occurrence of any of the following events or circumstances: 

(i) the Investment Manager’s breach, in any respect, of any provision of this Agreement or the Swap Agreement
applicable to it (except for any breach that has not had, and could not reasonably be expected to have, a material adverse effect on the Company or Citibank) and the Investment Manager’s failure to cure such breach within 30 days of its
becoming aware of, or receiving notice of, the occurrence of such breach; 
 (ii) the Investment Manager’s
intentional breach of (a) any provision of this Agreement or the Swap Agreement applicable to it relating to the 

  
 9 

 
Investment Manager’s or the Company’s obligation to cause the Reference Obligations to comply with (1) the Obligation Criteria and (2) the Portfolio Criteria or (b) any
other material provision of this Agreement or the Swap Agreement applicable to it, and the Investment Manager’s failure to cure such breach within 15 days of the occurrence of such breach; 

(iii) the failure of any representation, warranty, certification or statement made or delivered by the Investment Manager
in or pursuant to this Agreement or the Swap Agreement to be correct in any material respect when made, which failure (a) could reasonably be expected to have a material adverse effect on Citibank and (b) is not corrected by the Investment
Manager within 30 days of its receipt of notice from the Company or Citibank of such failure, unless, if such failure is not capable of being cured in 30 days but is curable within 90 days, the Investment Manager has taken action that the Investment
Manager in good faith believes will remedy, and does in fact remedy, such failure within 90 days after notice of such failure being given to the Investment Manager; 

(iv) the Investment Manager (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger),
(2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency,
reorganization, moratorium or other similar law of any jurisdiction, (3) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due, (4) makes a general
assignment, arrangement or composition with or for the benefit of its creditors, (5) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part
of its property or (6) is adjudicated as insolvent or bankrupt, or a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Investment Manager, or appointing a receiver, liquidator, assignee, or
sequestrator (or other similar official) of the Investment Manager or of any substantial part of its property, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 

(v) the occurrence of an Event of Default or Termination Event under the Swap Agreement that results from any breach by
the Investment Manager of its duties under the Swap Agreement or this Agreement; or 
 (vi) the occurrence of an
act by the Investment Manager that constitutes fraud or criminal activity in the performance of its obligations under this Agreement, or the Investment Manager being indicted for a criminal offense materially related to its business of providing
asset management services. 
 If any such event occurs, the Investment Manager shall give prompt written notice
thereof to the Company and Citibank promptly upon the Investment Manager becoming aware of the occurrence of such event. 

  
 10 

 (b) The Investment Manager shall have the right to terminate this Agreement
only upon 90 days prior written notice to the Company and Citibank, and this Agreement shall terminate automatically in the event of its assignment by the Investment Manager which is not made in accordance with Sections 13 and 17 of this Agreement.

 (c) This Agreement shall be automatically terminated in the event that the Company determines in good faith
that the Company or the Company’s asset portfolio has become required to be registered under the provisions of the Investment Company Act. 
 (d) Within 30 days of the resignation or removal of the Investment Manager, the Company may appoint a successor investment manager; provided that Citibank may reject such appointment within 15 days of
notice of such appointment. 
  

	 	12.	Action Upon Termination. 

 (a) Upon the effective termination of this Agreement, the Investment Manager shall as soon as practicable: 
 (i) deliver to the Company all property and documents of the Company or otherwise relating to the Transactions then in the custody of the Investment Manager; and 

(ii) deliver to Citibank an account with respect to the books and records delivered to Citibank or the successor
investment manager appointed pursuant to Section 11(d). 
 Notwithstanding such termination, the Investment
Manager shall remain liable to the extent set forth herein (but subject to Section 13 hereof) for its acts or omissions hereunder arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges and claims
(including reasonable attorney’s fees) in respect of or arising out of a breach of the representations and warranties made by the Investment Manager in Section 4 hereof or from any failure of the Investment Manager to comply with the
provisions of this Section 12. 
 (b) The Investment Manager agrees that, notwithstanding any termination,
it shall reasonably cooperate in any suit, action or proceeding relating to this Agreement (each, a “Proceeding”) arising in connection with this Agreement, the Swap Agreement or any of the Company’s assets (excluding any such
Proceeding in which claims are asserted against the Investment Manager or any Affiliate of the Investment Manager) so long as the Investment Manager shall have been offered reasonable security, indemnity or other provisions against the cost,
expenses and liabilities that might be incurred in connection therewith and a reasonable per diem fee. 
  

	 	13.	Liability of Investment Manager; Delegation. 

 (a) The Investment Manager assumes no responsibility under this Agreement other than to render the services called for hereunder and under the terms of

  
 11 

 
the Swap Agreement made applicable to it pursuant to the terms of this Agreement. The Investment Manager shall not be responsible for any action of the Company in declining to follow any advice,
recommendation, or direction of the Investment Manager. The Investment Manager shall have no liability to Citibank or other creditors of the Company, for any error of judgment, mistake of law, or for any loss arising out of any investment, or for
any other act or omission in the performance of its obligations to the Company except for liability to which it would be subject by reason of willful misfeasance, bad faith, gross negligence in performance, or reckless disregard, of its obligations
hereunder. The Investment Manager may delegate to an agent selected with reasonable care, which shall include any Person that is party to a sub-advisory agreement with the Investment Manager or any of its Affiliates as of the date hereof, any or all
duties (other than its asset selection or trade execution duties) assigned to the Investment Manager hereunder; provided that no such delegation by the Investment Manager of any of its duties hereunder shall relieve the Investment Manager of
any of its duties hereunder nor relieve the Investment Manager of any liability with respect to the performance of such duties. For the avoidance of doubt, asset selection duties shall include the services described in Section 1(a) hereof.

 Notwithstanding the above and Section 17, the Investment Manager shall be permitted to assign any or all
of its rights and delegate any or all of its obligations to an Affiliate reasonably acceptable to Citibank that (i) will professionally and competently perform duties similar to those imposed upon the Investment Manager under this Agreement and
(ii) is legally qualified and has the capacity to act as the Investment Manager under this Agreement. The Investment Manager shall not be liable for any consequential damages hereunder. 

(b) The Company shall reimburse, indemnify and hold harmless the Investment Manager, its directors, officers, agents and
employees and any of its Affiliates from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating, preparing,
pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or arising out of or in connection with, any acts or omissions of the Investment Manager, its directors, officers,
stockholders, agents and employees made in good faith and in the performance of the Investment Manager’s duties under this Agreement or the Swap Agreement except to the extent resulting from such person’s bad faith, willful misfeasance,
gross negligence or reckless disregard of its duties hereunder or thereunder. The Investment Manager, its directors, officers, stockholders, agents and employees may consult with counsel and accountants with respect to the affairs of the Company and
shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith and is in accordance with the advice or opinion of such counsel or accountants.
Notwithstanding anything contained herein to the contrary, the obligations of the Company under this Section 13(b) shall be payable from the Company’s assets and are subject to the availability of funds. 

(c) The Investment Manager shall reimburse, indemnify and hold harmless the Company, its members, manager, officers,
agents and employees from any 

  
 12 

 
and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and expenses), as are incurred in investigating,
preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation caused by, or arising out of or in connection with, (i) any acts or omissions of the Investment Manager
constituting bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement or under the Swap Agreement and (ii) any breach of the representations and warranties made by the Investment Manager in
Section 4 hereof. 
  

	 	14.	Obligations of Investment Manager. 

 Unless otherwise required by any provision of the Swap Agreement or this Agreement or by applicable law, the Investment Manager shall not intentionally take any action, which it knows or should know would
(a) materially adversely affect the Company for purposes of United States federal or state law or any other law known to the Investment Manager to be applicable to the Company, (b) require registration of the Company or the Company’s
assets as an “investment company” under the Investment Company Act, (c) not be permitted under the Company’s operating agreement or certificate of formation (including, but not limited to, Section 9 thereof), (d) cause
the Company to violate the terms of the Swap Agreement, (e) subject the Company to federal, state or other income taxation, or (f) adversely affect the interests of Citibank in any material respect (other than as permitted or required
hereunder or under the Swap Agreement, including, without limitation, as may result from the performance of any Reference Obligation), it being understood that in connection with the foregoing the Investment Manager will not be required to make any
independent investigation of any facts or laws not otherwise known to it in connection with its obligations under this Agreement and the Swap Agreement or the conduct of its business generally. The Investment Manager covenants that it shall comply
in all material respects with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement and the Swap Agreement. Notwithstanding anything in this Agreement, the Investment Manager shall not take
any discretionary action that would reasonably be expected to cause an Event of Default or Termination Event under the Swap Agreement. The Investment Manager covenants that it shall not fail to correct any known misunderstandings regarding the
separate identity of the Company and shall not identify itself as a division or department of the Company. 
  

	 	15.	No Partnership or Joint Venture. 

 The Company and the Investment Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as
such on either of them. The Investment Manager’s relation to the Company shall be deemed to be that of an independent contractor. 

  
 13 

	 	16.	Notices. 

 Any notice
under this Agreement shall be in writing and sent by facsimile, confirmed by telephonic communication, or addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such
notice. Until further notice to the other party it is agreed that the address of the Company and Citibank for this purpose shall be as set forth in the Schedule to the Swap Agreement, and the address of the Investment Manager for this purpose shall
be: 
 FS Investment Corporation II 
 Cira Centre 
 2929 Arch Street, Suite 675 

Philadelphia, Pennsylvania 19104 
 Attention: Gerald F. Stahlecker 
 Telephone: (215) 495-1169 

Facsimile: (215) 222-4649 
 Electronic Mail: jerry.stahlecker@franklinsquare.com 
 All notices are to be effective in
accordance with Section 12 of the Swap Agreement. 
  

	 	17.	Succession/Assignment. 

This Agreement shall inure to the benefit of and be binding upon the successors to the parties hereto. No assignment of this Agreement by
the Investment Manager (including, without limitation, a change in control or management of the Investment Manager which would be deemed an “assignment” under the United States Advisers Act of 1940, as amended) shall be made without the
consent of the Company and Citibank. 
  

	 	18.	Conflicts with the Swap Agreement. 

 Subject to the provisions of Section 1 hereof pertaining to the binding effect of certain amendments to the Swap Agreement on the Investment Manager, in the event that this Agreement requires any
action to be taken with respect to any matter and the Swap Agreement requires that a different action be taken with respect of such matter, and such actions are mutually exclusive, the provisions of the Swap Agreement in respect thereof shall
control. 
  

	 	19.	Miscellaneous. 

 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles. With respect to any Proceeding, each party
irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at
any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court
does not have any jurisdiction over such party. Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction. 
 (b) THE PARTIES HERETO IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND
ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH 

  
 14 

 
PROCESS TO EACH SUCH PARTY AT THE ADDRESS SPECIFIED IN SECTION 16 HEREOF. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (c) EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(d) No failure on the part of either party hereto to exercise and no delay in exercising, and no course of dealing with
respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (e) The captions in this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 

(f) In the event any provision of this Agreement shall be held invalid or unenforceable, by any court of competent
jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof. 
 (g) This
Agreement may not be amended or modified or any provision thereof waived except by an instrument in writing signed by the parties hereto. 
 (h) This Agreement and the Swap Agreement contain the entire understanding and agreement between the parties and supersedes all other prior understandings and agreements, whether written or oral, between
the parties concerning this subject matter. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

(i) The Investment Manager (i) consents to, and agrees to perform, the provisions of the Swap Agreement applicable to
the Investment Manager, and (ii) agrees that all of the representations, covenants and agreements made by the Investment Manager in this Agreement are also for the benefit of Citibank. 

(j) This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original,
but all such counterparts shall together constitute but one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected
hereon as the signatories. 

  
 15 

 (k) Each representation and warranty made or deemed to be made herein or
pursuant hereto, and each indemnity provided for hereby, shall survive the execution and delivery and any termination or assignment of this Agreement or resignation or removal of the Investment Manager. 

(l) The Company hereby acknowledges and accepts all actions that were taken by the Investment Manager and/or recommended
to the Company by the Investment Manager prior to the Closing Date, including all actions and recommendations that were otherwise consistent with the services to be provided by the Investment Manager to the Company pursuant to Section 1 of this
Agreement prior to the Closing Date, in each case, as if this Agreement had been in effect at the time that such actions were taken or such recommendations were made. 
  

	 	20.	Non-Petition. 

 The
Investment Manager shall continue to serve as Investment Manager under this Agreement notwithstanding that the Investment Manager shall not have received amounts due to it under this Agreement because sufficient funds were not then available to the
Company to pay such amounts, and agrees not to cause the filing of an involuntary petition in bankruptcy against the Company for any reason whatsoever, including, without limitation, the non-payment to the Investment Manager, until the payment in
full of all amounts payable to Citibank or otherwise under the Swap Agreement and the expiration of a period equal to one year and one day (or, if longer, the applicable preference period then in effect) following all such payments; provided
that nothing in this clause shall preclude, or be deemed to estop, the Investment Manager (A) from taking any action prior to the expiration of the aforementioned one year and one day (or, if longer, the applicable preference period then in
effect) period in (x) any case or proceeding voluntarily filed or commenced by the Company or (y) any involuntary insolvency proceeding filed or commenced against the Company, by a Person other than the Investment Manager or its
Affiliates, or (B) from commencing against the Company or any properties of the Company any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. The provisions of this
Section 20 shall survive the termination of this Agreement for any reason whatsoever. 
  

	 	21.	No Recourse. 

 The
Investment Manager hereby acknowledges and agrees that the Company’s obligations hereunder will be solely the corporate obligations of the Company, and the Investment Manager will not have any recourse to any of the managers, officers,
employees, holders of the membership interest of Company with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transactions contemplated hereby. Recourse in respect of any obligations of
the Company hereunder will be limited to the Company’s assets and on the exhaustion thereof all claims against the Company arising from this Agreement or any transactions contemplated hereby shall be extinguished. The provisions of this
Section 21 shall survive the termination of this Agreement for any reason whatsoever. 

  
 16 

 [signature page follows] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this INVESTMENT MANAGEMENT AGREEMENT to
be executed by their respective authorized representatives on the day and year first above written. 
  

			
	IC-II INVESTMENTS LLC
		
	By:	 	 /s/ Gerald F. Stahlecker

			
	Name:	 	Gerald F. Stahlecker
	Title:	 	Executive Vice President

 
			
	
	FS INVESTMENT CORPORATION II
		
	By:	 	 /s/ Gerald F. Stahlecker

			
	Name:	 	Gerald F. Stahlecker
	Title:	 	Executive Vice PresidentUnderwriting Agreement

 Exhibit 10.1 
 6,250,000 Shares 
 EXA Corporation 

Common Stock 

UNDERWRITING AGREEMENT 
 June 27, 2012 
 STIFEL, NICOLAUS & COMPANY, INCORPORATED 

As representative of the several Underwriters 

named in Schedule I hereto 
 c/o Stifel,
Nicolaus & Company, Incorporated 
 390 Park Ave, 14th Floor 

New York, NY 10022 
 Ladies and
Gentlemen: 
 EXA Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the several
underwriters named in Schedule I hereto (the “Underwriters”) for whom you are acting as representative (the “Representative”), and certain shareholders of the Company named in Schedule II hereto (the
“Selling Shareholders”) severally propose to sell to the several Underwriters, an aggregate of 6,250,000 shares (the “Firm Shares”) of the common stock, par value $0.001 per share, of the Company (“Common
Stock”), of which 4,166,667 shares are to be issued and sold by the Company and 2,083,333 shares are to be sold by the Selling Shareholders in the amounts set forth opposite their respective names in Schedule II hereto. The Company
and the Selling Shareholders also propose to sell to the several Underwriters, for the sole purpose of covering over-allotments in connection with the sale of the Firm Shares, at the option of the Underwriters, up to an additional 937,500 shares of
Common Stock (the “Option Shares”) in the amounts set forth opposite their respective names in Schedule II hereto. The Firm Shares and the Option Shares are hereinafter referred to collectively as the “Shares”.

 Each Selling Shareholder has executed and delivered a Custody Agreement and Power of Attorney in the form attached hereto as
Exhibit C (collectively, the “Custody Agreement and Power of Attorney”) pursuant to which each Selling Shareholder has placed his or her Firm Shares and Option Shares in custody and appointed the person(s) designated therein
with authority to execute and deliver this Agreement on behalf of such Selling Shareholder and to take certain other actions with respect thereto and hereto. 

  
 1 

 1. (a) The Company represents and warrants to, and agrees with, each of the Underwriters
that, as of the date hereof and as of the Closing Date and each Option Closing Date, if any: 
 (i) A registration statement on
Form S-1 (File No. 333-176019) in respect of the Shares and one or more pre-effective amendments thereto (together, the “Initial Registration Statement”) have been filed with the Securities and Exchange Commission (the
“Commission”); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to you, have been declared effective by the Commission in such form; other than a registration
statement, if any, increasing the size of the offering (a “Rule 462(b) Registration Statement”), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”), which became
effective upon filing, no other document with respect to the Initial Registration Statement has heretofore been filed with the Commission; no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment
thereto or the Rule 462(b) Registration Statement, if any, has been issued, to the Company’s knowledge no proceeding for that purpose has been initiated or threatened by the Commission and any request on the part of the Commission for
additional information from the Company has been satisfied in all material respects; any preliminary prospectus included in the Initial Registration Statement, as originally filed or as part of any amendment thereto, or filed with the Commission
pursuant to Rule 424(a) of the rules and regulations of the Commission under the Securities Act is hereinafter called a “Preliminary Prospectus”; the various parts of the Initial Registration Statement and the Rule 462(b)
Registration Statement, if any, including all schedules and exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act and deemed by virtue of
Rule 430A under the Securities Act to be part of the Initial Registration Statement at the time it was declared effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, each as amended at the
time such part of the Initial Registration Statement became effective, are hereinafter collectively called the “Registration Statement”; the Preliminary Prospectus relating to the Shares that was included in the Registration
Statement immediately prior to the Applicable Time (as defined in Section 1(a) (iii) hereof) is hereinafter called the “Pricing Prospectus”; such final prospectus, in the form first filed pursuant to Rule 424(b) under the
Securities Act, is hereinafter called the “Prospectus”; and any “issuer free writing prospectus” as defined in Rule 433 under the Securities Act relating to the Shares is hereinafter called an “Issuer Free Writing
Prospectus”; and all references to the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing shall be deemed to
include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”); 
 (ii) (1) at the respective times the Initial Registration Statement, any Rule 462(b) Registration Statement and any post-effective amendments thereto became effective and at the Closing Date (as defined
herein) (and, if any Option Shares are purchased, at each Option Closing Date) (as defined herein)), the Initial Registration Statement, any Rule 462(b) Registration Statement and any amendments and supplements thereto complied and will comply in
all material respects with the requirements of the Securities Act and the rules and regulations of the Commission thereunder (the “Rules and Regulations”) and did not and will not contain

  
 2 

 
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and (2) at the time the
Prospectus or any amendments or supplements thereto were issued and at the Closing Date (and, if any Option Shares are purchased, at each Option Closing Date), neither the Prospectus nor any amendment or supplement thereto included or will include
an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the
representations and warranties in clauses (1) and (2) above shall not apply to statements in or omissions from the Registration Statement or the Prospectus made in reliance upon and in conformity with information furnished to the Company
in writing by any Underwriter through the Representative expressly for use in the Registration Statement or the Prospectus, it being understood and agreed that the only such information provided by any Underwriter is that described as such in
Section 10(c) hereof. No order preventing or suspending the use of any Preliminary Prospectus, the Pricing Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission. 

Each Preliminary Prospectus, Pricing Prospectus, Issuer Free Writing Prospectus and the Prospectus filed as part of the Initial
Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the requirements of the Securities Act and the Rules and
Regulations and each Preliminary Prospectus, Pricing Prospectus, Issuer Free Writing Prospectus and the Prospectus delivered to the Underwriters for use in connection with this offering was identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T; 
 (iii) For the purposes of
this Agreement, the “Applicable Time” is 6:15 p.m. (Eastern time) on the date of this Agreement; the Pricing Prospectus as supplemented by the Issuer Free Writing Prospectuses and other documents, if any, listed in Schedule III
hereto, taken together (collectively, the “Pricing Disclosure Package”) as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus, if any, listed on Schedule III hereto does not conflict with the information contained in the Registration Statement, the
Pricing Prospectus or the Prospectus and each such Issuer Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or
omissions made in an Issuer Free Writing Prospectus in reliance upon and in strict conformity with information furnished in writing to the Company by an Underwriter through the Representative expressly for use therein; 

(iv) From the time of initial filing of the Registration Statement with the Commission (or, if earlier, the first date on which the
Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an “emerging growth company,” as defined in

  
 3 

 
Section 2(a) of the Securities Act (an “Emerging Growth Company”). “Testing-the-Waters Communication” means any oral or written communication with potential investors
undertaken in reliance on Section 5(d) of the Securities Act; 
 (v) The Company (a) has not alone engaged in any
Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that
are accredited investors within the meaning of Rule 501 under the Securities Act and (b) has not authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company reconfirms that the Representative has
been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications. “Written Testing-the-Waters Communication” means any Testing-the-Waters
Communication that is a written communication within the meaning of Rule 405 under the Securities Act. Any individual Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement or the
Pricing Disclosure Package, complied in all material respects with the Securities Act, and when taken together with the Pricing Disclosure Package as of the Applicable Time, did not, and as of the Closing Date and as of the Additional Closing Date,
as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 (vi) The Company has filed a registration statement pursuant to the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), to register the Common Stock, and such registration statement has been declared effective. At the time of filing the Initial Registration Statement the Company was not and is not an “ineligible issuer,” as
defined under Rule 405 under the Securities Act; 
 (vii) The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own, lease and operate its properties and conduct its business as described in the Pricing Prospectus and to enter into and
perform its obligations under this Agreement, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts
any business so as to require such qualification, except where the failure so to qualify or be in good standing would not have a material adverse effect on the Company and its subsidiaries, considered as one enterprise; 

(viii) Each subsidiary of the Company (each a “Subsidiary”) has been duly incorporated (or organized) and is validly
existing as a corporation (or other organization) in good standing under the laws of the jurisdiction of its incorporation (or organization), with power and authority to own, lease and operate its properties and conduct its business as described in
the Pricing Prospectus, and has been duly qualified as a foreign corporation (or other organization) for the transaction of business and is in good standing under the laws of each other jurisdiction in which its owns or leases properties or conducts
any business so as to require such qualification, except where the failure so to qualify or be in good standing would not have a material adverse effect on the Company and the Subsidiaries, considered as one enterprise; all of the issued and
outstanding capital stock (or other ownership interests) of each Subsidiary has 

  
 4 

 
been duly and validly authorized and issued, is fully paid and non-assessable and is owned by the Company, directly or through Subsidiaries, free and clear of any security interest, mortgage,
pledge, lien, encumbrance, claim or equity; 
 (ix) The Company has an authorized capitalization as set forth in the Pricing
Prospectus, and all of the issued and outstanding shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and conform to the descriptions thereof contained in the Pricing Prospectus;
and none of the issued and outstanding shares of capital stock of the Company are subject to any preemptive or similar rights; 

(x) The Shares to be issued and sold by the Company to the Underwriters hereunder have been duly and validly authorized and, when issued
and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will be duly and validly issued and fully paid and non-assessable and will conform to the descriptions thereof contained in the Prospectus; and the
issuance of such Shares is not subject to any preemptive or similar rights; 
 (xi) This Agreement has been duly authorized,
executed and delivered by the Company; 
 (xii) The issue and sale of the Shares to be sold by the Company hereunder, the
execution of this Agreement by the Company and the compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which the Company or any of the
Subsidiaries is bound or to which any of the property or assets of the Company or any of the Subsidiaries is subject, nor will such action result in any violation of the provisions of the certificate or articles of incorporation or by-laws (or other
organization documents) of the Company or any of the Subsidiaries or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of the Subsidiaries or any of their properties;
and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Shares to be sold by the Company hereunder or the consummation by the
Company of the transactions contemplated by this Agreement, except the registration under the Securities Act of the Shares and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or
Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters; 
 (xiii)
PricewaterhouseCoopers LLP, who have certified certain financial statements of the Company and the Subsidiaries are independent public accountants as required by the Securities Act and the Rules and Regulations. The financial statements, together
with related schedules and notes, included in the Registration Statement and the Pricing Prospectus comply in all material respects with the requirements of the Securities Act and present fairly the

  
 5 

 
consolidated financial position, results of operations and changes in financial position of the Company and the Subsidiaries on the basis stated in the Registration Statement at the respective
dates or for the respective periods to which they apply; such statements and related schedules and notes have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except as
disclosed therein; and the selected financial data and the summary financial data included in the Pricing Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the financial statements
included in the Registration Statement; 
 (xiv) Neither the Company nor any Subsidiary has sustained since the date of the
latest audited financial statements included in the Pricing Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, (1) there
has not been any change in the capital stock or long-term debt of the Company or any of the Subsidiaries, (2) there has not been any material adverse change, or any development involving a prospective material adverse change, in or affecting
the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations of the Company and the Subsidiaries, considered as one enterprise, (3) there have been no transactions entered into by,
and no obligations or liabilities, contingent or otherwise, incurred by the Company or any of the Subsidiaries, whether or not in the ordinary course of business, which are material to the Company and the Subsidiaries, considered as one enterprise
and (4) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock, in each case, otherwise than as set forth or contemplated in the Pricing Prospectus; 

(xv) Neither the Company nor any of the Subsidiaries is (1) in violation of its certificate or articles of incorporation or bylaws
(or other organization documents) or (2) in violation of any law, ordinance, administrative or governmental rule or regulation applicable to the Company or any of the Subsidiaries, or (3) in violation of any decree of any court or
governmental agency or body having jurisdiction over the Company or any of the Subsidiaries, or (4) in default in the performance of any obligation, agreement or condition contained in any bond, debenture, note or any other evidence of
indebtedness or in any agreement, indenture, lease or other instrument to which the Company or any of the Subsidiaries is a party or by which any of them or any of their respective properties may be bound, except, in the case of clauses (2),
(3) and (4), where any such violation or default, individually or in the aggregate, would not have a material adverse effect on the general affairs, business, prospects, management, financial position, shareholders’ equity or results of
operations of the Company and the Subsidiaries, considered as one enterprise; 
 (xvi) Each of the Company and each Subsidiary
has good and marketable title to all real and personal property owned by it, in each case free and clear of all liens, encumbrances and defects except such as are described in the Pricing Prospectus or such as do not materially affect the value of
such property and do not materially interfere with the use made and proposed to be made of such property by the Company or any Subsidiary; and any real 

  
 6 

 
property and buildings held under lease by the Company or any Subsidiary are held under valid, subsisting and enforceable leases with such exceptions as are not material and do not materially
interfere with the use made and proposed to be made of such property and buildings by the Company or any Subsidiary; 
 (xvii)
Other than as set forth in the Pricing Prospectus, there are no legal or governmental proceedings pending to which the Company or any of the Subsidiaries is a party or of which any property of the Company or any of the Subsidiaries is the subject
which, if determined adversely to the Company or the Subsidiary, individually or in the aggregate, would have or may reasonably be expected to have a material adverse effect on the general affairs, business, prospects, management, financial
position, shareholders’ equity or results of operations of the Company and the Subsidiaries, considered as one enterprise, or would prevent or impair the consummation of the transactions contemplated by this Agreement, or which are required to
be described in the Registration Statement or the Pricing Prospectus; and, to the best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; 

(xviii) The Company and the Subsidiaries possess all permits, licenses, approvals, consents and other authorizations (collectively,
“Permits”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the businesses now operated by them; the Company and the Subsidiaries are in compliance with the terms and
conditions of all such Permits and all of the Permits are valid and in full force and effect, except, in each case, where the failure so to comply or where the invalidity of such Permits or the failure of such Permits to be in full force and effect,
individually or in the aggregate, would not have a material adverse effect on the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations of the Company and the Subsidiaries,
considered as one enterprise; and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or material modification of any such Permits; 

(xix) Except as disclosed in the Initial Registration Statement, the Pricing Disclosure Package and the Prospectus (i) the Company
and the Subsidiaries own or possess, or can acquire on reasonable terms, sufficient licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks and trade names, patents and patent rights (collectively “Intellectual Property”) to conduct their business as described in the Pricing Prospectus, (ii) the Company has no knowledge of any
infringement by it of any third party’s patent or patent rights and neither the Company nor any Subsidiary is infringing any third party’s Intellectual Property, (iii) the Company is not aware of any infringement, misappropriation or
violation by others of, or conflict by others with rights of the Company or any Subsidiary with respect to, any of the Intellectual Property, and (iv) there is no claim being made against the Company or any Subsidiary, or to the Company’s
knowledge, against any employee of the Company or any Subsidiary in his or her capacity as such, alleging the infringement or conflict with rights asserted by others that would render any Intellectual Property invalid or inadequate to protect the
interest of the Company and the Subsidiaries and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate, would have or may reasonably be

  
 7 

 
expected to have a material adverse effect on the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations of the Company and the
Subsidiaries, considered as one enterprise; 
 (xx) No material labor dispute with the employees of the Company or the
Subsidiaries exists, or, to the knowledge of the Company, is imminent. The Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any Subsidiary’s principal suppliers, manufacturers, customers or
contractors, which, individually or in the aggregate, may reasonably be expected to result in a material adverse effect on the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations
of the Company and the Subsidiaries, considered as one enterprise; 
 (xxi) The Company and the Subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; neither the Company nor any Subsidiary has been refused any insurance
coverage sought or applied for; and the Company has no reason to believe that either it or any Subsidiary will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a material adverse effect on the Company and the Subsidiaries, considered as one enterprise; 
 (xxii) The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that complies with the requirements of the Exchange
Act (except as disclosed in the Pricing Disclosure Package and the Prospectus) and has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Except as disclosed in the Pricing Disclosure Package and the Prospectus,
the Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses or significant deficiency in its internal control over financial reporting. Since the date of the latest audited
financial statements of the Company included in the Pricing Prospectus, there has been no change in the Company’s internal control over financial reporting that has materially diminished, or is reasonably likely to materially diminish, the
effectiveness of the Company’s internal control over financial reporting (other than as set forth in the Pricing Prospectus); 
 (xxiii) [intentionally omitted] 
 (xxiv) The Company maintains disclosure
controls and procedures (as such term is defined in Rule 13a-15 (e) of the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures are effective; 

(xxv) All United States federal income tax returns of the Company and the Subsidiaries required by law to be filed have been filed and
all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been

  
 8 

 
provided. The Company and the Subsidiaries have filed all other tax returns that are required to have been filed by them pursuant to applicable foreign, state, local or other law, except insofar
as the failure to file such returns, individually or in the aggregate, would not result in a material adverse effect on the Company and the Subsidiaries, considered as one enterprise, and shown by such returns or otherwise assessed, which are due
and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided. The charges, accruals and reserves on the books of the Company and the Subsidiaries in
respect of any corporate income tax liability of the Company and the Subsidiaries for any prior tax years not finally determined are adequate to meet, except to the extent of any inadequacy that would not result in a material adverse effect on the
Company and the Subsidiaries, considered as one enterprise, any assessments or re-assessments for additional income tax for any prior tax years not finally determined; 
 (xxvi) There are no statutes, regulations, documents or contracts of a character required to be described in the Registration Statement or the Pricing Prospectus or to be filed as an exhibit to the
Registration Statement which are not described or filed as required; 
 (xxvii) Neither the Company nor any of the Subsidiaries
is in violation of any statute or any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, production, disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “environmental laws”), owns or operates any real property contaminated with any hazardous or toxic substance, has
received notification that it is liable for any off-site contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim, individually or in the
aggregate, would have a material adverse effect on the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations of the Company and the Subsidiaries, considered as one enterprise; and
the Company is not aware of any pending investigation which would reasonably be expected to lead to such a claim; 
 (xxviii)
Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any Subsidiary
for employees or former employees of the Company and its affiliates has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal
Revenue Code of 1986, as amended (the “Code”), except to the extent that failure to so comply, individually or in the aggregate, would not have a material adverse effect on the general affairs, business, prospects, management, financial
position, shareholders’ equity or results of operations of the Company and the Subsidiaries, considered as one enterprise. No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code has occurred
with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; 
 (xxix)
Neither the Company nor any of its Subsidiaries, nor any of their respective directors, officers, agents or employees, nor, to the Company’s knowledge, any other 

  
 9 

 
person associated with or acting on behalf of the Company or any of its Subsidiaries, has (i) used any corporate funds of the Company or any of its Subsidiaries for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds of the Company or any
of its Subsidiaries, (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977 in connection with any activities by or on behalf of the Company or any of its Subsidiaries, or (iv) made any bribe,
unlawful rebate, payoff, influence payment, kickback or other unlawful payment in connection with any activities by or on behalf of the Company or any of its Subsidiaries; 
 (xxx) There are no persons with registration rights or other similar rights to have securities registered pursuant to the Registration Statement, which rights have not been waived in writing; 

(xxxi) The Company is not and, after giving effect to the offering and sale of the Shares as contemplated herein and the application of
the net proceeds therefrom as described in the Pricing Prospectus, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

(xxxii) The Company has not distributed and, prior to the later to occur of the Closing Date (as defined in Section 4 hereof) and
completion of distribution of the Shares, will not distribute any offering materials in connection with the offering and sale of the Shares, other than the Pricing Prospectus, the Prospectus and, subject to compliance with Section 6 hereof, any
Issuer Free Writing Prospectus; and the Company has not taken and will not take, directly or indirectly, any action designed to cause or result in, or which constitutes or would reasonably be expected to constitute, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale of the Shares; 
 (xxxiii) The statistical and market and
industry-related data included in the Pricing Prospectus and the Prospectus are based on or derived from sources which the Company believes to be reliable and accurate or represent the Company’s good faith estimates that are made on the basis
of data derived from such sources, and the Company has obtained the written consent to the use of such data from such sources to the extent required; 
 (xxxiv) The audiovisual presentation made available to the public by the Company at http://www.retailroadshow.com/sys/launch.asp?qv=8778444709948243&k= 12577847491 is a “bona fide electronic
roadshow” for purposes of Rule 433(d)(8)(ii) of the Securities Act, and such presentation, together with the Pricing Prospectus, does not contain any untrue statement of material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements in or omissions from such presentation or Pricing
Prospectus made in reliance upon and in conformity with information furnished to the Company in writing by any Underwriter through the Representative expressly for use therein; and 

  
 10 

 (xxxv) Any certificate signed by any officer of the Company and delivered to the
Underwriters or to counsel for the Underwriters in connection with the transactions contemplated hereby shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby. 

(b) Each Selling Shareholder represents and warrants to, and agrees with, each of the Underwriters that, as of the date hereof and as of
the Closing Date and each Option Closing Date, if any: 
 (i) All consents, approvals, authorizations and orders necessary for
the execution and delivery by such Selling Shareholder of this Agreement and the Custody Agreement and Power of Attorney and for the sale and delivery of the Shares to be sold by such Selling Shareholder hereunder, have been obtained; and such
Selling Shareholder has full right, power and authority to enter into this Agreement and the Custody Agreement and Power of Attorney and to sell, assign, transfer and deliver the Shares to be sold by such Selling Shareholder hereunder; 

(ii) This Agreement and the Custody Agreement and Power of Attorney have each been duly authorized, executed and delivered by such
Selling Shareholder; and the Custody Agreement and Power of Attorney constitutes the legal, valid and binding obligation of such Selling Shareholder, enforceable against such Selling Shareholder in accordance with its terms; 

(iii) Such Selling Shareholder, if not an individual, has been duly incorporated (or organized) and is validly existing as a corporation
(or other organization) in good standing under the laws of its jurisdiction of organization; 
 (iv) The sale of the Shares to
be sold by such Selling Shareholder hereunder , the execution of this Agreement and the Custody Agreement and Power of Attorney by such Selling Shareholder and the compliance by such Selling Shareholder with all of the provisions of this Agreement
and the Custody Agreement and Power of Attorney and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Selling Shareholder is a party or by which such Selling Shareholder is bound or to which any of the property or assets of such Selling Shareholder
is subject, nor will such action result in any violation of the provisions of the certificate or articles of incorporation or by-laws (or other organization documents) of such Selling Shareholder, if such Selling Shareholder is not an individual, or
any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over such Selling Shareholder or any of its properties; and no consent, approval, authorization, order, registration or qualification of or
with any such court or governmental agency or body is required for the sale of the Shares to be sold by such Selling Shareholder hereunder or the consummation by such Selling Shareholder of the transactions contemplated by this Agreement and the
Custody Agreement and Power of Attorney, except the registration under the Securities Act of the Shares and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in
connection with the purchase and distribution of the Shares by the Underwriters; 

  
 11 

 (v) Such Selling Shareholder has, and immediately prior to the Closing Date and each Option
Closing Date will have, good and valid title to the Shares to be sold by such Selling Shareholder hereunder on such date free and clear of all liens, encumbrances, equities or claims; and, upon delivery of such Shares and payment therefor pursuant
hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities or claims, will pass to the several Underwriters; 
 (vi) Such Selling Shareholder has not taken and will not take, directly or indirectly, any action designed to cause or result in, or which constitutes or would reasonably be expected to constitute, the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares; 

(vii) There are no legal or governmental proceedings pending to which such Selling Shareholder is a party or of which any property of
such Selling Shareholder is the subject which, if determined adversely to such Selling Shareholder, individually or in the aggregate, would prevent or impair the consummation of the transactions contemplated by this Agreement; 

(viii) (1) At the respective times the Initial Registration Statement, any Rule 462(b) Registration Statement and any post-effective
amendments thereto became effective and at the Closing Date (and, if any Option Shares are purchased, at each Option Closing Date), the Initial Registration Statement, any Rule 462(b) Registration Statement and any amendments and supplements thereto
complied and will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, and (2) at the time the Pricing Prospectus, the Prospectus or any amendments or supplements thereto were issued and at the Closing Date (and, if any Option Shares are
purchased, at each Option Closing Date), none of the Pricing Prospectus, the Prospectus nor any amendment or supplement thereto included or will include an untrue statement of a material fact or omitted or will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the representations and warranties in clauses (1) and (2) above shall apply only to statements
in or omissions from the Registration Statement or the Prospectus relating to such Selling Shareholder made in reliance upon and in conformity with information furnished to the Company in writing by such Selling Shareholder expressly for use in the
Registration Statement or the Prospectus; and 
 (ix) Any certificate signed by, or on behalf of, such Selling Shareholder
delivered to the Underwriters or to counsel for the Underwriters shall be deemed a representation and warranty by such Selling Shareholder to the Underwriters as to the matters covered thereby. 

2. Subject to the terms and conditions herein set forth, (a) each of the Company and each Selling Shareholder agrees, severally and
not jointly, to sell to each of the Underwriters, 

  
 12 

 
and each of the Underwriters agrees, severally and not jointly, to purchase from each of the Company and each Selling Shareholder, at a purchase price per share of $9.30 (the “Purchase
Price”), the number of Firm Shares (to be adjusted by you so as to eliminate fractional shares) determined by multiplying the aggregate number of Firm Shares to be sold by the Company or such Selling Shareholder as set forth opposite the
name of the Company or such Selling Shareholder in Schedule II hereto by a fraction, the numerator of which is the aggregate number of Firm Shares to be purchased by such Underwriter as set forth opposite the name of such Underwriter in Schedule I
hereto and the denominator of which is the aggregate number of Firm Shares to be purchased by all of the Underwriters from the Company and the Selling Shareholders hereunder and (b) in the event and to the extent that the Underwriters shall
exercise the election to purchase Option Shares as provided below, each of the Company and each Selling Shareholder agrees, severally and not jointly, to sell to each of the Underwriters, and each of the Underwriters agrees, severally and not
jointly, to purchase from each of the Company and each Selling Shareholder, at the Purchase Price, the number of Option Shares (to be adjusted by you so as to eliminate fractional shares) determined by multiplying (x) the product of the number
of Option Shares as to which such election shall have been exercised and the ratio of the aggregate number of Option Shares to be sold by the Company or such Selling Shareholder as set forth opposite the name of the Company or such Selling
Shareholder in Schedule II hereto and the aggregate number of Option Shares to be sold by the Company and all Selling Shareholders as set forth on Schedule II hereto by (y) the fraction set forth in clause (a) above. 

The Company and the Selling Shareholders, severally and not jointly, hereby grant to the Underwriters the right to purchase at their
election up to 937,500 Option Shares, at the Purchase Price, for the sole purpose of covering over-allotments in connection with the sale of the Firm Shares. The Underwriters may exercise their option to acquire Option Shares in whole or in part
from time to time only by written notice from the Representative to the Company, given within a period of 30 calendar days after the date of this Agreement and setting forth the aggregate number of Option Shares to be purchased and the date on which
such Option Shares are to be delivered, as determined by the Representative but in no event earlier than the Closing Date or, unless the Representative and the Company otherwise agree in writing, earlier than two or later than ten business days
after the date of such notice. The maximum number of Option Shares that may be purchased from each of the Company and each Selling Shareholder is set forth in the second column opposite their respective names in Schedule II hereto. 

Certificates in negotiable form for the Shares to be sold by the Selling Shareholders hereunder have been placed in custody, for delivery
under this Agreement, under the Custody Agreement and Power of Attorneys made with the Company, acting as custodian (“Custodian”). Each Selling Shareholder agrees that the shares represented by the certificates held in
custody for the Selling Shareholders under such Custody Agreement and Power of Attorneys are subject to the interests of the Underwriters hereunder, that the arrangements made by the Selling Shareholders for such custody are to that extent
irrevocable and that the obligations of the Selling Shareholders hereunder shall not be terminated by operation of law, whether by the death of any individual Selling Shareholder or the occurrence of any other event, or in the case of a trust, by
the death of any trustee or trustees or the termination of such trust. If any individual Selling Shareholder or any such trustee or trustees should die, or if any other such event should occur, or if any of such trusts should terminate, before the
delivery of the Shares hereunder, 

  
 13 

 
certificates for such Shares shall be delivered by the Custodian in accordance with the terms and conditions of this Agreement as if such death or other event or termination had not occurred,
regardless of whether or not the Custodian shall have received notice of such death or other event or termination. 
 3. It is
understood that the several Underwriters propose to offer the Firm Shares for sale to the public upon the terms and conditions set forth in the Prospectus. 
 4. The Company and the Custodian will deliver the Firm Shares to the Representative through the facilities of the Depository Trust Company (“DTC”) for the accounts of the Underwriters,
against payment of the purchase price therefor in Federal (same day) funds by official bank check or checks or wire transfer drawn to the order of the Company, in the case of Firm Shares sold by the Company, and to or on behalf of the Selling
Shareholders, pro rata based on the number of Firm Shares sold by each of them, under instructions from the Custodian, in the case of Firm Shares sold by the Selling Shareholders, at the office of Goodwin Procter LLP, or at such other time not later
than seven full business days thereafter as the Representative and the Company determine, such time being herein referred to as the “Closing Date”. For purposes of Rule 15c6-1 under the Exchange Act, the Closing Date (if later than the
otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Firm Shares. 
 Each time for the delivery of and payment for the Option Shares, being herein referred to as an “Option Closing Date.” which may be the Closing Date, shall be determined by the Representative as
provided above. The Company and the Custodian will deliver the Option Shares being purchased on each Option Closing Date to the Representative through the facilities of DTC for the accounts of the Underwriters, against payment of the purchase price
therefor in Federal (same day) funds by official bank check or checks or wire transfer drawn to the order of the Company, in the case of Option Shares sold by the Company and to or on behalf of the Selling Shareholders, pro rata based on the number
of Option Shares sold by each of them, under instructions from the Custodian, in the case of Option Shares sold by the Selling Shareholders, at the above office of Goodwin Procter LLP, at 10:00 A.M., Eastern time on the applicable Option Closing
Date. 
 5. The Company covenants and agrees with each of the Underwriters as follows: 

(a) The Company, subject to Section 5(b), will comply with the requirements of Rule 430A under the Securities Act, and will notify
the Representative immediately, and confirm the notice in writing, which writing may take the form of email or other electronic transmission, (i) when any post-effective amendment to the Registration Statement shall become effective, or any
supplement to the Prospectus or any amended prospectus shall have been filed, to furnish the Representative with copies thereof to the extent not available on EDGAR or the Company’s public website, and to file promptly all material required to
be filed by the Company with the Commission pursuant to Rule 433(d) under the Securities Act, (ii) of the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement
or any amendment or supplement to the Prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order suspending the 

  
 14 

 
effectiveness of the Registration Statement or of any order preventing or suspending the use of any Preliminary Prospectus, or of the suspension of the qualification of the Shares for offering or
sale in any jurisdiction, or of the Company’s knowledge of the initiation or threatening of any proceedings for any of such purposes. The Company will promptly effect the filings necessary pursuant to Rule 424(b) under the Securities Act and
will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such
prospectus. The Company will make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment. 

(b) The Company will give the Representative notice of its intention to file or prepare any amendment to the Registration Statement
(including any filing under Rule 462(b) under the Securities Act), or any amendment, supplement or revision to the Prospectus, or any Issuer Free Writing Prospectus, will furnish the Representative with copies of any such documents a reasonable
amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Representative or counsel for the Underwriters shall reasonably object. 

(c) The Company will use its best efforts to qualify the Shares for offering and sale under the securities laws of such jurisdictions as
you may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares, provided that nothing in this
Section 5(c) shall require the Company to qualify as a foreign corporation in any jurisdiction in which it is not already so qualified, or to file a general consent to service of process in any jurisdiction. 

(d) The Company has furnished or will deliver to the Representative, without charge, two (2) signed copies of the Initial
Registration Statement as originally filed, any Rule 462(b) Registration Statement and of each amendment to each (including exhibits, to the extent not available on EDGAR, filed therewith or incorporated by reference therein) and signed copies of
all consents and certificates of experts, and will also, upon your request, deliver to the Representative, without charge, a conformed copy of the Registration Statement as originally filed and of each amendment thereto (without exhibits) for each
of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation S-T. 
 (e) The Company has delivered to each Underwriter, without charge, one electronic copy
and as many written copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter,
without charge, prior to 5:00 P.M. on the business day next succeeding the date of this Agreement and from time to time thereafter during the period when the Prospectus is required to be delivered in connection with sales of the Shares under the
Securities Act or the Exchange Act or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act, one electronic copy and such number 

  
 15 

 
of written copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. 
 (f) The Company will comply with the Securities Act and the Rules and Regulations so as to permit the completion of the distribution of the Shares as contemplated in this Agreement and in the Prospectus.
If at any time when, in the opinion of counsel for the Underwriters, a prospectus is required to be delivered in connection with sales of the Shares under the Securities Act or the Exchange Act (or in lieu thereof, the notice referred to in Rule
173(a) under the Securities Act), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the Registration Statement or amend or supplement the
Prospectus in order that the Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the
time it (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, or if it shall be necessary, in the opinion of either such counsel, at any such time to amend the Registration Statement or
amend or supplement the Prospectus in order to comply with the requirements of the Securities Act or the Rules and Regulations, the Company will promptly prepare and file with the Commission, subject to Section 5(b), such amendment or
supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to the Underwriters one electronic copy and such number of
written copies of such amendment or supplement as the Underwriters may reasonably request. The Company will provide the Representative with notice of the occurrence of any event during the period specified above that may give rise to the need to
amend or supplement the Registration Statement or the Prospectus as provided in the preceding sentence promptly after the occurrence of such event. 
 (g) The Company will make generally available (within the meaning of Section 11(a) of the Securities Act) to its security holders and to the Representative as soon as practicable, but not later than
45 days after the end of its fiscal quarter in which the first anniversary of the effective date of the Registration Statement occurs, an earnings statement (in form complying with the provisions of Rule 158 under the Securities Act) covering a
period of at least twelve consecutive months beginning after the effective date of the Registration Statement. 
 (h) The
Company will use the net proceeds received by it from the sale of the Shares in the manner specified in the Pricing Prospectus under the heading “Use of Proceeds”. 

(i) The Company will use its best efforts to effect and maintain the listing for quotation of the Common Stock (including the Shares) on
the NASDAQ Global Market. 
 (j) During a period of 180 days from the date of the Prospectus, the Company will not, without the
prior written consent of the Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer
or dispose of, directly or 

  
 16 

 
indirectly, any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (ii) enter into any swap or other agreement that transfers, in whole or in
part, any of the economic consequences of ownership of Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, other than
(1) the Shares to be sold hereunder, (2) the issuance of options to acquire shares of Common Stock granted pursuant to the Company’s benefit plans existing on the date hereof that are referred to in the Prospectus, as such plans may
be amended or (3) the issuance of shares of Common Stock upon the exercise of any such options. Notwithstanding the foregoing, if (A) during the last 17 days of the 180-day restricted period the Company issues an earnings release or
material news or a material event relating to the Company occurs; or (B) prior to the expiration of the 180-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of
the 180-day period, the restrictions imposed by this agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. The Company
shall promptly notify the Representative of any earnings release, news or event that may give rise to an extension of the initial 180-day restricted period. 
 (k) If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in a “lock-up” agreement described in Section 9(o) hereof for an officer or director
of the Company and provides the Company with notice of impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release
substantially in the form of Exhibit E hereto through a major news service at least two business days before the effective date of the release or waiver. 
 (l) The Company, during the period when the Prospectus is required to be delivered in connection with sales of the Shares under the Securities Act or the Exchange Act (or in lieu thereof, the notice
referred to in Rule 173(a) under the Securities Act), will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the rules and regulations of the Commission
thereunder. 
 (m) The Company will file with the Commission such information on Form 10-Q or Form 10-K as may be required
pursuant to Rule 463 under the Securities Act. 
 (n) During a period of five years from the effective date of the Registration
Statement, the Company will furnish to you, to the extent not available on EDGAR or the Company’s public website, copies of all reports or other communications (financial or other) furnished to shareholders generally, and to deliver to you
(i) as soon as they are available and to the extent not available on EDGAR or the Company’s public website, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on
which any class of securities of the Company is listed; and (ii) subject to your delivery of a non-disclosure agreement in form and substance reasonably acceptable to the Company, such additional information concerning the business and
financial condition of the Company as you may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Company and the Subsidiaries are consolidated in reports furnished to its
shareholders generally or to the Commission). 

  
 17 

 (o) If the Company elects to rely upon Rule 462(b) under the Securities Act, the Company
will file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Eastern time, on the date of this Agreement, and at the time of filing either to pay to the Commission the filing fee for the Rule
462(b) Registration Statement or to give irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Securities Act. 
 (p) If so requested by the Representative, the Company shall cause to be prepared and delivered, at its expense, within one business day from the effective date of this Agreement, to the Representative an
“electronic Prospectus” to be used by the Underwriters in connection with the offering and sale of the Shares. As used herein, the term “electronic Prospectus” means a form of the most recent Preliminary Prospectus, any Issuer
Free Writing Prospectus or the Prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, reasonably satisfactory to the Representative, that may be
transmitted electronically by the Representative and the other Underwriters to offerees and purchasers of the Shares, (ii) it shall disclose the same information as such paper Preliminary Prospectus, Issuer Free Writing Prospectus or the
Prospectus, as the case may be; and (iii) it shall be in or convertible into a format, reasonably satisfactory to the Representative, that will allow investors to store and have continuously ready access to such Preliminary Prospectus, Issuer
Free Writing Prospectus or the Prospectus at any future time, without charge to investors (other than any fee charged for subscription to the Internet generally). 
 (q) The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (a) completion of the distribution of the Shares
within the meaning of the Securities Act and (b) completion of the 180-day restricted period referred to in Section 5(j) hereof. 
 6. (a) The Company represents and agrees that, without the prior consent of the Representative, it has not made and will not make any offer relating to the Shares that would constitute a “free
writing prospectus” as defined in Rule 405 under the Securities Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representative, it has not made and will not make any offer relating to the
Shares that would constitute a free writing prospectus; any such free writing prospectus the use of which has been consented to by the Company and the Representative is listed on Schedule III hereto; 

(b) Each Selling Shareholder represents and agrees that it has not made and will not make any offer relating to the Shares that would
constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act; 
 (c) The Company has
complied and will comply with the requirements of Rule 433 under the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; the Company represents that
it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Securities Act to avoid a requirement to file with the Commission any electronic road show; 

  
 18 

 (d) The Company agrees that if at any time following issuance of an Issuer Free Writing
Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representative and, if requested by
the Representative, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; provided, however, that this representation and warranty
shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter through the Representative expressly for use therein.

 7. Each Selling Shareholder covenants and agrees with each of the Underwriters as follows: 

(a) [Reserved] 

(b) Such Selling Shareholder will deliver to the Representative, prior to or at the Closing Date, a properly completed and executed
United States Treasury Department Form W-9 (or other applicable form or statement specified by the Treasury Department regulations in lieu thereof) in order to facilitate the Underwriters’ documentation of their compliance with the reporting
and withholding provisions of the Tax Equity and Fiscal Responsibilities Act of 1982 with respect to the transactions contemplated by this Agreement. 
 8. The Company covenants and agrees with the several Underwriters that, whether or not the transactions contemplated by this Agreement are consummated, (a) the Company will pay or cause to be paid
all expenses incident to the performance of its obligations under this Agreement, including (i) the fees, disbursements and expenses of the Company’s counsel, accountants and other advisors; (ii) filing fees and all other expenses in
connection with the preparation, printing and filing of the Registration Statement, each Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies
thereof to the Underwriters and dealers; (iii) the cost of printing or producing this Agreement, closing documents (including any compilations thereof) and such other documents as may be required in connection with the offering, purchase, sale
and delivery of the Shares; (iv) all expenses in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(c), including filing fees and the reasonable fees and disbursements
of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; (v) all fees and expenses in connection with listing the Common Stock (including the Shares) on the NASDAQ Global Market;
(vi) the filing fees incident to, and the reasonable fees and disbursements of counsel for the Underwriters in connection with, securing any required review by FINRA of the terms of the sale of the Shares; (vii) all fees and expenses in
connection with the preparation, issuance and delivery of the certificates representing the Shares to the Underwriters, including any stock or other transfer 

  
 19 

 
taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Shares to the Underwriters; (viii) the cost and charges of any transfer agent or registrar;
(ix) the transportation and other expenses incurred by the Company in connection with presentations to prospective purchasers of Shares; and (xiii) all other costs and expenses incident to the performance of its obligations hereunder which
are not otherwise specifically provided for in this Section; and (b) each Selling Shareholder, severally and not jointly, covenants and agrees with the several Underwriters that, whether or not the transactions contemplated by this Agreement
are consummated, such Selling Shareholder will pay or cause to be paid all expenses incident to the performance of such Selling Shareholder’s obligations under this Agreement which are not otherwise specifically provided for in this
Section 8, including (i) all expenses and taxes incident to the sale and delivery of the Shares to be sold by such Selling Shareholder to the Underwriters hereunder and (ii) the fees, disbursements and expenses of such Selling
Shareholder’s counsel and other advisors, if any. 
 9. The several obligations of the Underwriters hereunder to purchase
the Shares on the Closing Date or each Option Closing Date, as the case may be, are subject to the performance by the Company and each of the Selling Shareholders of their respective obligations hereunder and to the following additional conditions:

 (a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act within the
applicable time period prescribed for such filing by the Rules and Regulations and in accordance with Section 5(a); all material required to be filed by the Company pursuant to Rule 433(d) under the Securities Act shall have been filed with the
Commission within the applicable time period prescribed for such filing by Rule 433 under the Securities Act; if the Company has elected to rely upon Rule 462(b) under the Securities Act, the Rule 462(b) Registration Statement shall have become
effective by 10:00 P.M., Eastern time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof or the Prospectus or any part thereof or any Issuer Free Writing Prospectus shall have
been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission or any state securities commission; and all requests for additional information on the part of the Commission shall have been complied with to
your reasonable satisfaction. 
 (b) The respective representations and warranties of the Company and the Selling Shareholders
contained herein being true and correct on and as of the Closing Date or the Option Closing Date, as the case may be, as if made on and as of the Closing Date or the Option Closing Date, as the case may be, and each of the Company and the Selling
Shareholders shall have complied with all agreements and all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Option Closing Date, as the case may be. 

(c) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or the Option Closing Date, as the case may
be, there shall not have occurred any downgrading, nor shall any notice have been given of (i) any downgrading, (ii) any intended or potential downgrading or (iii) any review or possible change that does not indicate an improvement,
in the rating accorded any securities of or guaranteed by the Company or any Subsidiary by any “nationally recognized statistical rating organization”, as such term is defined for purposes of Rule 436(g)(2) under the Securities Act.

  
 20 

 (d) (i) Neither the Company nor any Subsidiary shall have sustained since the date of the
latest audited financial statements included in the Pricing Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Registration Statement and the Prospectus, (1) there
shall not have been any change in the capital stock or long-term debt of the Company or any Subsidiary or (2) there shall not have been any material adverse change, or any development involving a prospective material adverse change, in or
affecting the general affairs, business, prospects, management, financial position, shareholders’ equity or results of operations of the Company and the Subsidiaries, considered as one enterprise, the effect of which, in any such case described
in clause (i) or (ii), is in the judgment of the Representative so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Closing Date or Option
Closing Date, as the case may be, on the terms and in the manner contemplated in the Pricing Prospectus. 
 (e) the
Representative shall have received on and as of the Closing Date or the Option Closing Date, as the case may be, (i) a certificate of two executive officers of the Company, at least one of whom has specific knowledge about the Company’s
financial matters, satisfactory to the Representative, to the effect (1) set forth in Sections 9(b) (with respect to the respective representations, warranties, agreements and conditions of the Company) and 9(c), (2) that none of the
situations set forth in clause (i) or (ii) of Section 9(d) shall have occurred and (3) that no stop order suspending the effectiveness of the Registration Statement has been issued and to the knowledge of the Company, no
proceedings for that purpose have been instituted or are pending or contemplated by the Commission, and (ii) a certificate of the Selling Shareholders, satisfactory to the Representative, to the effect set forth in Section 9(b) (with
respect to the respective representations, warranties, agreements and conditions of the Selling Shareholders); 
 (f) On the
Closing Date or Option Closing Date, as the case may be, Foley Hoag LLP, counsel for the Company, shall have furnished to the Representative their written opinion, dated the Closing Date or the Option Closing Date, as the case may be, in form and
substance satisfactory to counsel for the Underwriters, to the effect set forth in Exhibit A hereto and to such further effect as counsel for the Underwriters may reasonably request. 

(g) On the Closing Date or Option Closing Date, as the case may be, each of the counsels for the Selling Shareholders, shall have
furnished to the Representative their written opinion, dated the Closing Date or the Option Closing Date, as the case may be, in form and substance satisfactory to counsel for Underwriters, to the effect set forth in Exhibit B hereto and to such
further effect as counsel for the Underwriters may reasonably request. 
 (h) On the effective date of the Registration
Statement and, if applicable, the effective date of the most recently filed post-effective amendment to the Registration Statement, PricewaterhouseCoopers LLP shall have furnished to the Representative a letter, dated the date of delivery thereof,
in form and substance satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to certain of the financial statements and
certain financial information contained in the Registration Statement and the Prospectus. 

  
 21 

 (i) On the effective date of the Registration Statement and, if applicable, the effective
date of the most recently filed post-effective amendment to the Registration Statement, Ernst & Young LLP shall have furnished to the Representative a letter, dated the date of delivery thereof, in form and substance satisfactory to the
Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to certain of the financial statements and certain financial information contained
in the Registration Statement and the Prospectus. 
 (j) On the Closing Date or Option Closing Date, as the case may be, the
Representative shall have received from PricewaterhouseCoopers LLP a letter, dated the Closing Date or such Option Closing Date, as the case may be, to the effect that they reaffirm the statements made in the letter or letters furnished pursuant to
Section 9(h), except that the specified date referred to shall be a date not more than three business days prior to the Closing Date or such Option Closing Date, as the case may be. 

(k) On the Closing Date or Option Closing Date, as the case may be, the Representative shall have received from Ernst & Young
LLP a letter, dated the Closing Date or such Option Closing Date, as the case may be, to the effect that they reaffirm the statements made in the letter or letters furnished pursuant to Section 9(i), except that the specified date referred to
shall be a date not more than three business days prior to the Closing Date or such Option Closing Date, as the case may be. 

(l) On the Closing Date or Option Closing Date, as the case may be, Goodwin Procter LLP, counsel for the Underwriters, shall have
furnished to the Representative their opinion dated the Closing Date or the Option Closing Date, as the case may be, with respect to the due authorization and valid issuance of the Shares, the Registration Statement, the Prospectus and other related
matters as the Representative may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. 

(m) The Shares to be delivered on the Closing Date or Option Closing Date, as the case may be, shall have been approved for listing on
the NASDAQ Global Market, subject to official notice of issuance. 
 (n) FINRA shall have confirmed that it has not raised any
objection with respect to the fairness and reasonableness of the underwriting terms and conditions. 
 (o) The Representative
shall have received “lock-up” agreements, each substantially in the form of Exhibit D hereto, from all shareholders of the Company listed in Appendix A, and all officers and directors of the Company who are not Selling Shareholders
and such agreements shall be in full force and effect on the Closing Date or Option Closing Date, as the case may be. 

  
 22 

 (p) On or prior to the Closing Date or Option Closing Date, as the case may be, the Company
and the Selling Shareholders shall have furnished to the Representative such further information as the Representative shall reasonably request. 
 (q) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the NASDAQ Global Market;
(ii) a suspension or material limitation in trading in the Company’s securities on the NASDAQ Global Market; (iii) a general moratorium on commercial banking activities declared by any Federal or New York State authorities or a
material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national
emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in
the judgment of the Representative makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Closing Date or Option Closing Date, as the case may be, on the terms and in the
manner contemplated in the Prospectus; 
 If any condition specified in this Section 9 shall not have been fulfilled when
and as required to be fulfilled, this Agreement may be terminated, subject to the provisions of Section 13, by the Representative by notice to the Company at any time at or prior to the Closing Date or Option Closing Date, as the case may be,
and such termination shall be without liability of any party to any other party, except as provided in Section 13. 
 10.
(a) The Company agrees to indemnify and hold harmless each Underwriter and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act against any and all
losses, liabilities, claims, damages and expenses whatsoever as incurred (including without limitation, reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Initial Registration
Statement, as originally filed or any amendment thereof, the Registration Statement, or any post-effective amendment thereof, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or in any supplement thereto or amendment thereof,
any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or in any Testing-the-Waters Communication or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such loss,
liability, claim, damage or expense arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Initial Registration Statement, as originally filed or any amendment thereof, the
Registration Statement, or any post-effective amendment thereof, any Preliminary Prospectus, the Pricing 

  
 23 

 
Prospectus or the Prospectus, or in any supplement thereto or amendment thereof, or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the
Company by or on behalf of any Underwriter through the Representative expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter is the information described as such in Section 10(c)
below. 
 (b) Each Selling Shareholder severally, and not jointly, agrees to indemnify and hold harmless the Company, each
Underwriter, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls an Underwriter or the Company within the meaning of Section 15
of the Securities Act or Section 20(a) of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever as incurred (including without limitation, reasonable attorneys’ fees and any and all reasonable expenses
whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of
them may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based in whole or in part upon any untrue statement or alleged
untrue statement of a material fact contained in the Initial Registration Statement, as originally filed or any amendment thereof, the Registration Statement, or any post-effective amendment thereof, any Preliminary Prospectus, the Pricing
Prospectus or the Prospectus, or in any supplement thereto or amendment thereof, any Issuer Free Writing Prospectus, or any Testing-the-Waters Communication or arises out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense arise out of or is based upon any
such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company or any Underwriter by or on behalf of such Selling Shareholder
expressly for use therein. 
 (c) Each Underwriter severally, and not jointly, agrees to indemnify and hold harmless the
Company, each Selling Shareholder, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls the Company or a Selling Shareholder within
the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever as incurred (including without limitation, reasonable attorneys’ fees and
any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or
several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the Initial Registration Statement, as originally filed or any amendment thereof, the Registration Statement, or any post-effective amendment thereof, or any Preliminary
Prospectus, the Pricing Prospectus or the Prospectus, or in any supplement thereto or amendment thereof, any Issuer Free Writing Prospectus, or any Testing-the-Waters Communication or arise 

  
 24 

 
out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that any such loss, liability, claim, damage or expense arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of such Underwriter through the Representative expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter
consists of the following information in the Prospectus furnished on behalf of each Underwriter: the last paragraph at the bottom of the cover page concerning the terms of the offering by the Underwriters, the concession and reallowance figures
appearing in the sixth paragraph under the caption “Underwriting”. 
 (d) Promptly after receipt by an indemnified
party under Section 10(a), 10(b), or 10(c) of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such Section, notify each party against whom
indemnification is to be sought in writing of the commencement thereof (but the failure so to notify an indemnifying party shall not relieve it from any liability which it may have under this Section 10). In case any such action is brought
against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and jointly with any other indemnifying party similarly notified, to the extent it may
elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party (who shall not, except
with the consent of the indemnified party, be counsel to the indemnifying party). Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of
such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the
indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded
that there may be defenses available to it or them which are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such
action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in
addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, which counsel, in the event of indemnified parties under Section 10(a) or 10(b), shall be selected by the Representative. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. 

  
 25 

 (e) If the indemnification provided for in this Section 10 is unavailable to or
insufficient to hold harmless an indemnified party under Section 10(a),10(b), or 10(c) in respect of any losses, liabilities, claims, damages or expenses (or actions in respect thereof) referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, claims, damages or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by
the Company and the Selling Shareholders on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each
indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company and the Selling Shareholders on
the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses (or actions in respect thereof), as well as any other relevant equitable
considerations. The relative benefits received by the Company and the Selling Shareholders on the one hand and the Underwriters on the other from the offering of the Shares shall be deemed to be in the same proportion as the total net proceeds from
the offering (before deducting expenses) received by the Company and the Selling Shareholders bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the
Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Company or the Selling Shareholders on the one hand or the Underwriters on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company, the Selling Shareholders and the Underwriters agree that it would not be just and equitable if contributions pursuant to
this Section 10(e) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above
in this Section 10(e). The amount paid or payable by an indemnified party as a result of the losses, liabilities, claims, damages or expenses (or actions in respect thereof) referred to above in this Section 10(e) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 10(e), no Underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
 No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations in this
Section 10(e) to contribute are several in proportion to their respective underwriting obligations and not joint. 

  
 26 

 (f) The obligations of the parties to this Agreements contained in this Section 10 are
not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 
 (h) The liability of each Selling Stockholder under the indemnity and contribution provisions of this Section 10 shall be limited to an amount equal to the public offering price of the Shares sold by
such Selling Shareholder, less the underwriting discount, as set forth on the front cover page of the Prospectus. 
 11. If any
Underwriter or Underwriters default in its or their obligations to purchase Shares hereunder on the Closing Date or any Option Closing Date and the aggregate number of Shares that such defaulting Underwriter or Underwriters agreed but failed to
purchase does not exceed 10% of the total number of Shares that the Underwriters are obligated to purchase on such Closing Date or Option Closing Date, as the case may be, the Representative may make arrangements satisfactory to the Company and the
Selling Shareholders for the purchase of such Shares by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date or Option Closing Date, as the case may be, the non-defaulting Underwriters shall be
obligated severally, in proportion to their respective commitments hereunder, to purchase the Shares that such defaulting Underwriters agreed but failed to purchase on such Closing Date or Option Closing Date, as the case may be. If any Underwriter
or Underwriters so default and the aggregate number of Shares with respect to which such default or defaults occur exceeds 10% of the total number of Shares that the Underwriters are obligated to purchase on such Closing Date or Option Closing Date,
as the case may be, and arrangements satisfactory to the Representative, the Company and the Selling Shareholders for the purchase of such Shares by other persons are not made within 36 hours after such default, this Agreement will terminate,
subject to the provisions of Section 13, without liability on the part of any non-defaulting Underwriter, the Company or the Selling Shareholders, except as provided in Section 13. Nothing herein will relieve a defaulting Underwriter from
liability for its default. 
 In the event of any such default which does not result in a termination of this Agreement, either
the Representative or the Company shall have the right to postpone the Closing Date or the relevant Option Closing Date, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement
or Prospectus or in any other documents or arrangements. As used in this Agreement, the term “Underwriter” includes any person substituted for an Underwriter under this Section 11. 

12. Notwithstanding anything herein contained, this Agreement (or the obligations of the several Underwriters with respect to any Option
Shares which have yet to be purchased) may be terminated, subject to the provisions of Section 13, in the absolute discretion of the Representative, by notice given to the Company, if after the execution and delivery of this Agreement and prior
to the Closing Date or the Option Closing Date, as the case may be, (a) trading generally on the New York Stock Exchange or on the NASDAQ Global Select Market or the NASDAQ Global Market shall have been suspended or materially limited, or
minimum or 

  
 27 

 
maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission, FINRA or any other
governmental or regulatory authority, (b) trading of any securities of or guaranteed by the Company or any Subsidiary shall have been suspended on any exchange or in any over-the-counter market, (c) a general moratorium on commercial
banking activities in New York shall have been declared by Federal or New York State authorities or a new restriction materially adversely affecting the distribution of the Firm Shares or the Option Shares, as the case may be, shall have become
effective, or (d) there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change
or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representative, impracticable to market the Shares
to be delivered on the Closing Date or Option Closing Date, as the case may be, or to enforce contracts for the sale of the Shares. 
 If this Agreement is terminated pursuant to this Section 12, such termination will be without liability of any party to any other party except as provided in Section 13 hereof. 

13. The respective indemnities, agreements, representations, warranties and other statements of the Company or its officers, of the
Selling Shareholders and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any
Underwriter, the Company, any Selling Shareholder, or any of their respective representative, officers or directors or any controlling person, and will survive delivery of and payment for the Shares. If this Agreement is terminated pursuant to
Section 9, 11 or 12 or if for any reason the purchase of any of the Shares by the Underwriters is not consummated, the Company and the Selling Shareholders shall remain responsible for the expenses to be paid or reimbursed by them pursuant to
Section 8, the respective obligations of the Company, the Selling Shareholders and the Underwriters pursuant to Section 10 and the provisions of Sections 13, 14 and 17 shall remain in effect and, if any Shares have been purchased hereunder
the representations and warranties in Section 1 and all obligations under Section 5, Section 6 and Section 7 shall also remain in effect. If this Agreement shall be terminated by the Underwriters, or any of them, under
Section 9 or otherwise because of any failure or refusal on the part of the Company or the Selling Shareholders to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason any of the Company or the
Selling Shareholders shall be unable to perform its obligations under this Agreement or any condition of the Underwriters’ obligations cannot be fulfilled, the Company agrees to reimburse the Underwriters or such Underwriters as have so
terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and expenses of its counsel) reasonably incurred by the Underwriter in connection with this Agreement or the offering contemplated
hereunder. 
 14. This Agreement shall inure to the benefit of and be binding upon the Company, the Selling Shareholders and the
Underwriters, the officers and directors of the Company referred to herein, any controlling persons referred to herein and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to
give any other person, firm or corporation any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. No purchaser of Shares from any Underwriter shall be deemed to be a successor or assign
by reason merely of such purchase. 

  
 28 

 15. All notices and other communications hereunder shall be in writing
and shall be deemed to have been duly given upon receipt thereof by the recipient if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representative, c/o Stifel, Nicolaus &
Company, Incorporated, 390 Park Avenue, 14th Floor, New
York, New York 10022 (fax no.: 212.271.3747); Attention: Brad Raymond. Notices to the Company shall be given to it at Exa Corporation, 55 Network Drive, Burlington, MA 01803 (fax no.: 781-564-0299); Attention: Edmond Furlong. Notices to the Selling
Shareholders shall be given to the Custodian at Exa Corporation, 55 Network Drive, Burlington, MA 01803, (fax no.: 781-564-0299); Attention: Edmond Furlong. 
 16. This Agreement may be signed in counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 

17. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO SUCH
STATE’S PRINCIPLES OF CONFLICTS OF LAWS. 
 18. The parties hereby submit to the jurisdiction of and venue in the federal
courts located in the City of New York, New York in connection with any dispute related to this Agreement, any transaction contemplated hereby, or any other matter contemplated hereby. 

19. The Company and each of the Selling Shareholders acknowledges and agrees that (i) the purchase and sale of the Shares pursuant
to this Agreement, including the determination of the public offering price of the Shares and any related discounts and commissions, is an arm’s-length commercial transaction between the Company and the Selling Shareholders on the one hand, and
the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, the Selling Shareholders or
their respective shareholders, creditors, employees or any other party, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company or any Selling Shareholders with respect to the offering contemplated
hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any Selling Shareholder on other matters) or any other obligation to the Company or any Selling Shareholder except
the obligations expressly set forth in this Agreement, and (iv) the Company and each of the Selling Shareholders has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company and each of the Selling
Shareholders severally agrees that each will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company or such Selling Shareholder, in connection with
such transaction or the process leading thereto. Each of the several Underwriters, the Company and each of the Selling Shareholders acknowledges and agrees that all representations, warranties, covenants, agreements or other obligations of the
Selling Shareholders in this Agreement are several, and not joint, and no Selling Shareholder shall be responsible for any representations, warranties, covenants, agreements or other obligations of the Company or any other Selling Shareholder.

  
 29 

 20. Notwithstanding anything herein to the contrary, the Company and the Selling
Shareholders are authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the
Company and the Selling Shareholders relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential ( and the
foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax structure” is limited to any facts that may be relevant to that treatment. 

21. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company , the Selling
Shareholders and the Underwriters, or any of them, with respect to the subject matter hereof. 
 22. The Company, the Selling
Shareholders and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. 

  
 30 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument will become a binding agreement among the Company, the Selling Shareholders and the Underwriters. 

 

			
	 Very truly yours,
  

EXA CORPORATION

		
	By:	 	/s/ Stephen A. Remondi
		 	 Name: Stephen A. Remondi
 Title: President and Chief Executive Officer

	
	 SELLING SHAREHOLDERS

		
	By:	 	/s/ Edmond L. Furlong
		 	 Name: Edmond L. Furlong
 Title: Attorney-in-Fact

 Accepted as of the date hereof: 
 STIFEL, NICOLAUS & COMPANY, INCORPORATED 
  

			
	By:	 	/s/ Mark G. Baillie
		 	Title: Managing Director
	
	 For itself and as Representative of the
 other Underwriters named in Schedule I hereto

  
 31 

 SCHEDULE I 

 

					
	 Underwriter
	  	Number of Firm Shares
to be Purchased	 
	 Stifel, Nicolaus & Company, Incorporated
	  	 	3,437,500	  
	 Robert W. Baird & Co. Incorporated
	  	 	1,000,000	  
	 Canaccord Genuity Inc
	  	 	1,000,000	  
	 Needham & Company, LLC
	  	 	812,500	  
		
	 Total:
	  	 	6,250,000	  
		  	  
	  
	 

 SCHEDULE II 

 

									
	 Selling Shareholder
	  	Number of Firm Shares
to be
Sold	 	  	Number of Option
Shares to be Sold	 
	 FMR LLC
	  	 	160,086	  	  	 	0	  
	 Fidelity Ventures Limited
	  	 	1,514,607	  	  	 	269,095	  
	 Infotech Fund I LLC
	  	 	408,640	  	  	 	0	  
	 Boston Capital Ventures III,
	  				  			
	 Limited Partnership
	  	 	0	  	  	 	599,174	  
	 Boston Capital Ventures IV,
	  				  			
	 Limited Partnership
	  	 	0	  	  	 	19,231	  
	 Stephen A. Remondi
	  	 	0	  	  	 	50,000	  
			
	 Total:
	  	 	2,083,333	  	  	 	937,500	  
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE III 
 Issuer Free Writing Prospectuses 
 None.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]