Document:

Exhibit

Exhibit 10.3
COMMON STOCK PURCHASE AGREEMENT
THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of June 30, 2017, by and between Globalstar, Inc., a Delaware corporation (the “Company”) and Thermo Funding II LLC, a Colorado limited liability company (“Thermo”).
WHEREAS, the Company is a party to a Facility Agreement dated as of June 5, 2009 (as amended, the “Facility Agreement”), between, among others, the Company, BNP Paribas as the Security Agent and BPIFAE Agent (“Paribas”) and the lenders thereunder (the “Lenders”), pursuant to which the Company has borrowed approximately $586.3 million;
WHEREAS, to obtain the consent of Paribas and the Lenders to certain amendments to the Facility Agreement, Thermo is entering into a Third Thermo Group Undertaking Letter dated on or about June 30, 2017 (the “Undertaking”) by and among Thermo and certain of its affiliates, Paribas and the Lenders;
WHEREAS, Section 2(a) of the Undertaking requires Thermo to agree to provide certain funds to the Company under the conditions set forth therein;
NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:
ARTICLE I
PURCHASE
Section 1.1    Purchase.  Under the terms and subject to conditions hereof and in reliance upon the representations, warranties and agreements contained herein:
(a)  The Company hereby agrees to sell, and Thermo hereby agrees to purchase, 17,837,838 shares of voting common stock (the “Shares”) at a price of $1.85 per share for a total purchase price of $33 million (the “Purchase Price”), which represents a 10% discount to the closing price of the Company’s voting common stock on the trading day immediately preceding the date of this Agreement.  Payment of the Purchase Price shall be made by wire transfer of immediately available funds to an account designated by the Company. 
(b)  Promptly after the execution of this Agreement and payment of the Purchase Price, the Company shall deliver the Shares to Thermo.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company represents and warrants to Thermo as follows:

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Section 2.1    Authority Relative to this Agreement.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.  The Company has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement and the consummation by the Company of the transactions contemplated hereby have been duly authorized by the Company’s board of directors, and no other corporate or stockholder proceedings on the part of the Company are necessary to authorize this Agreement or for the Company to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes the valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.  
Section 2.2    Approvals.  No consent, approval, authorization or order of, or registration, qualification or filing with any court, regulatory authority, governmental body (a “Governmental Entity”) or any other third party (each, an “Approval”) is required to be made or obtained by the Company or any of its subsidiaries for the execution, delivery or performance by the Company of this Agreement or the consummation by the Company of the transactions contemplated hereby, other than those that have been obtained or those for which consents are being obtained, and except for filings required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any state securities laws, other matters where the failure by the Company to make or obtain any Approval would not be material to the business of the Company and its subsidiaries, taken as a whole.
Section 2.3    Non-Contravention.
(a)    The performance by the Company of its obligations under this Agreement and the consummation by the Company of the transactions contemplated hereby will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by      which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) the provisions of the organizational documents of the Company or any of its subsidiaries or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties; except in the case of clauses (i) or (iii) above, as would not be material to the business of the Company and its subsidiaries, taken as a whole, or as publicly disclosed in any filing by the Company under the Exchange Act. 
(b)    Neither the Company nor any of its subsidiaries is (i) in violation of the provisions of its organizational documents or (ii) in default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject (other than any default 

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identified in the Exchange Agreement), except in the case of clause (ii) above, as would not be material to the business of the Company and its subsidiaries, taken as a whole, or as publicly disclosed in any filing by the Company under the Exchange Act. 
Section 2.4    Capitalization; Issuance.  The authorized capital stock of the Company is 2,000,000,000 shares, of which 1,900,000,000 shares have been designated as common stock, 1,007,469,065 of which shares were issued and outstanding immediately prior to the date hereof. All of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable. All of the issued shares of capital stock of each material subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except as publicly disclosed in any filing by the Company under the Exchange Act. All corporate action has been taken such that the Shares issuable under this Agreement, when issued and delivered in accordance with the provisions of this Agreement, will have been duly and validly authorized, fully paid and non-assessable.
Section 2.5    Securities Laws. The Company is current in its filings of all reports, schedules, forms, statements and other documents required to be filed by it with the Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements of the Exchange Act and such filings are in material compliance with the Exchange Act.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THERMO
Thermo represents and warrants to the Company, as follows:
Section 3.1    Existence; Authorization.  Thermo is duly organized and validly existing under the laws of its jurisdiction of organization. The execution, delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated hereby are within Thermo’s powers and have been duly authorized by all necessary action on the part of Thermo.  This Agreement has been duly executed by Thermo and constitutes a valid and binding agreement of Thermo.
Section 3.2    Non-Contravention; Approvals.  The execution, delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) violate the organizational documents of Thermo or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over Thermo or any of its properties or (ii) require any consent or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of any right or obligation of Thermo under any provision of any agreement or other instrument binding upon Thermo. The execution, delivery and performance by Thermo of this Agreement and the consummation of the transactions contemplated hereby do not require any Approval that has not been obtained.

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Section 3.3    Brokers.  No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by and on behalf of Thermo or any of its affiliates.
Section 3.4    Securities Laws.  Thermo is participating in this Agreement and acquiring the Shares for its own account for investment purposes only and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities laws. Thermo does not have a present arrangement to effect any distribution of the Shares to or through any person or entity; provided, however, that by making the representations herein, Thermo does not agree to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. 
Section 3.5    Restricted Securities; Reliance on Exemptions.  Thermo acknowledges that the Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and, thus, are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.  Thermo further understands that the Company is relying in part upon the truth and accuracy of, and Thermo’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of Thermo set forth herein in order to determine the availability of such exemptions and the eligibility of Thermo to acquire the Shares.
ARTICLE IV
ADDITIONAL AGREEMENTS 
Section 4.1    Commercially Reasonable Efforts; Further Assurances.  The parties shall each cooperate with each other and use (and shall cause their respective subsidiaries to use) their respective commercially reasonable efforts to promptly take or cause to be taken all necessary actions, and do or cause to be done all things, necessary, proper or advisable under this Agreement and applicable laws to consummate and make effective all the transactions contemplated by this Agreement as soon as practicable after the date of this Agreement.  The failure of any party to perform the actions contemplated by this Agreement shall not impair the rights and obligations of any party under this Agreement, and notwithstanding any such failure, except as specifically set forth in this Agreement, the parties shall endeavor in good faith to consummate the transactions contemplated by this Agreement upon the terms set forth herein.
Section 4.2    Voting Restrictions.  In accordance with the terms of existing obligations of the Company and Thermo, Thermo shall not exercise any right to vote the Shares in the election of directors of the Company that would cause Thermo and its affiliates to own 70% or more of the voting common stock of the Company.

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Section 4.3    Transfer Restrictions.  
(a)    Thermo covenants that the Shares will be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in compliance with any applicable state securities laws.  In connection with any transfer of the Shares other than pursuant to an effective registration statement or to the Company, or pursuant to Rule 144, the Company may require the transferor to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration under the Securities Act.  Notwithstanding the foregoing, the Company hereby consents to and agrees to register on the books of the Company and with its transfer agent, without any such legal opinion, except to the extent that the transfer agent requests such legal opinion, any transfer of Shares by Thermo to an affiliate of Thermo, provided that the transferee certifies to the Company that it is an “accredited investor” as defined in Rule 501(a) under the Securities Act and provided that such affiliate does not request any removal of any existing legends on any certificate evidencing the Shares.
(b)     Thermo agrees to the imprinting, until no longer required by this Section 4.3(b), of the following legend on any certificate evidencing any of the Shares:  
THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.  THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.
Certificates evidencing the Shares, if any, shall not be required to contain such legend or any other legend (i) while a registration statement covering the resale of the Shares is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144 if the holder provides the Company with a legal opinion reasonably acceptable to the Company to the effect that the Shares can be sold under Rule 144, (iii) if the Shares are eligible for sale without any volume limitation under Rule 144, or (iv) if the holder provides the Company with a legal opinion reasonably acceptable to the Company to the effect that the legend is not required under applicable requirements of the Securities Act (including controlling judicial interpretations and pronouncements issued by the Staff of the SEC).  

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(c)    The Company will not object to and shall permit (except as prohibited by law) Thermo to pledge or grant a security interest in some or all of the Shares in connection with a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement, and if required under the terms of such arrangement, the Company will not object to and shall permit (except as prohibited by law) Thermo to transfer pledged or secured Shares to the pledgees or secured parties.  Except as required by law, such a pledge or transfer would not be subject to approval of the Company, no legal opinion of the pledgee, secured party or pledgor shall be required in connection therewith (but such legal opinion shall be required in connection with a subsequent transfer or foreclosure following default by Thermo to a transferee of the pledgee), and no notice shall be required of such pledge.  Thermo acknowledges that the Company shall not be responsible for any pledges relating to, or the grant of any security interest in, any of the Shares or for any agreement, understanding or arrangement between Thermo and its pledgee or secured party.  At Thermo’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Shares may reasonably request in connection with a pledge or transfer of the Shares, including the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of the Securities Act or other applicable provision of the Securities Act, as applicable, to appropriately amend the list of selling stockholders thereunder.
Section 4.4    Filings.  Each of Thermo and the Company shall coordinate and cooperate with one another and shall each use commercially reasonable efforts to comply with, and shall each refrain from taking any action that would impede compliance with, all legal requirements and shall make all filings, notices, petitions, statements, registrations, submissions of information, application or submission of other documents required by any Governmental Entity in connection with the purchase of the Shares, including, without limitation any filings required under the Securities Act, the Exchange Act, any applicable state or securities or “blue sky” laws and the securities laws of any foreign country, or any other legal requirement relating to the purchase and sale of the Shares.  Each of Thermo and the Company will cause all documents that it is responsible for filing with any Governmental Entity to comply in all material respects with all applicable legal requirements.
 
ARTICLE V

MISCELLANEOUS

Section 5.1    Survival.  The representations, warranties and covenants contained in this Agreement shall survive the Closing and the purchase of the Shares. 
Section 5.2    Amendment and Waiver.  Except as otherwise provided herein, this Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.  The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.  Any agreement on the part of any party to any waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.

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Section 5.3    Severability.  If any provision of this Agreement shall be declared by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect.
Section 5.4    Entire Agreement.  Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 
Section 5.5    Successors and Assigns.  Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors by operation of law and permitted assigns of the parties hereto.  Neither this Agreement nor any of the rights or obligations of any party under this Agreement shall be assigned, in whole or in part by any party without the prior written consent of the other parties.
Section 5.6    Counterparts; Third Party Beneficiaries.  This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns.
Section 5.7    Remedies.
(a)    Each party hereto acknowledges that monetary damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without limiting any other remedy or right it may have in law or in equity, the non-breaching party will have the right (without the requirement of posting bond) to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically each and every one of the terms and provisions hereof.  Each party hereto agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy.
(b)    All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.
Section 5.8    Notices.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile, electronic mail, nationally recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address 

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set forth below or such other address as may hereafter be designated in writing by such party to the other parties:
If to the Company:

 Globalstar, Inc.
 300 Holiday Square Blvd.
 Covington, Louisiana 70433
 Telephone Number: (985) 335-1503
 Facsimile: (985) 335-1900
 Attention: L. Barbee Ponder
If to Thermo:

Thermo Funding II LLC 
1735 Nineteenth Street, Suite 200
Denver, Colorado 80202-1005 
Attention: James Monroe III
All such notices, requests, consents and other communications shall be deemed to have been given or made if and when delivered personally or by overnight courier to the parties at the above addresses or sent by electronic transmission, with confirmation received, to the facsimile numbers or electronic mail addresses specified above (or at such other address or facsimile number for a party as shall be specified by like notice).  Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.
Section 5.9    Governing Law; Consent to Jurisdiction.  This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, the transactions contemplated hereby and/or the interpretation and enforcement of the rights and duties of the parties hereto, shall be governed by and construed in accordance with the law of the State of Delaware without regard to any applicable principles of conflicts of law.  Each party to this Agreement agrees that, in connection with any legal suit or proceeding arising with respect to this Agreement, it shall submit to the non-exclusive jurisdiction of the United States District Court for the District of Delaware or the applicable Delaware state court located in Newcastle County and agrees to venue in such courts.
Section 5.10    Waiver of Jury Trial.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.
GLOBALSTAR, INC.

By:    /s/ Rebecca Clary        
Name:    Rebecca Clary
Title:    Chief Financial Officer

THERMO FUNDING II LLC

By:    /s/ James Monroe III        
Name:    James Monroe III
Title:    Manager

9EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 PURCHASE AGREEMENT 

by and between 
 NEWSTAR FINANCIAL,
INC. 
 And 
 FIFTH STREET
HOLDINGS L.P. 
  
  

 TABLE OF CONTENTS 

 

					
	ARTICLE I DEFINITIONS	  	1
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Construction and Interpretation	  	11
		
	ARTICLE II PURCHASE AND SALE	  	12
	 Section 2.1
	  	Purchase and Sale	  	12
	 Section 2.2
	  	Working Capital Adjustment	  	13
	 Section 2.3
	  	Closing	  	14
	 Section 2.4
	  	Deliveries at Closing	  	14
	 Section 2.5
	  	Purchase Price Allocation	  	15
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER	  	16
	 Section 3.1
	  	Organization, Etc.	  	16
	 Section 3.2
	  	Authority; No Violations	  	16
	 Section 3.3
	  	Title	  	16
	 Section 3.4
	  	Foreign Person Status	  	16
	 Section 3.5
	  	Compliance with Law	  	17
	 Section 3.6
	  	Brokers and Finders	  	17
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY AND THE COMPANY FUNDS	  	17
	 Section 4.1
	  	Organization, Etc.	  	17
	 Section 4.2
	  	Capital Structure	  	17
	 Section 4.3
	  	Consents and Approvals	  	18
	 Section 4.4
	  	No Conflicts	  	18
	 Section 4.5
	  	Financial Statements	  	18
	 Section 4.6
	  	Absence of Undisclosed Liabilities	  	19
	 Section 4.7
	  	Absence of Certain Changes	  	19
	 Section 4.8
	  	Assets	  	19
	 Section 4.9
	  	Real Property	  	20
	 Section 4.10
	  	Company Contracts	  	20
	 Section 4.11
	  	Legal Proceedings	  	20
	 Section 4.12
	  	Affiliate Transactions	  	21
	 Section 4.13
	  	Compliance with Law; Government Regulation	  	21
	 Section 4.14
	  	Company Funds	  	24

  
 ii 

					
	 Section 4.15
	  	Assets Under Management	  	28
	 Section 4.16
	  	Taxes	  	29
	 Section 4.17
	  	Benefit Plans; Employees	  	30
	 Section 4.18
	  	Intellectual Property and Information Technology	  	30
	 Section 4.19
	  	Insurance	  	31
	 Section 4.20
	  	[Reserved]	  	31
	 Section 4.21
	  	Reporting	  	31
	 Section 4.22
	  	Brokers and Finders	  	31
	 Section 4.23
	  	Disclaimer	  	31
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER	  	31
	 Section 5.1
	  	Organization	  	31
	 Section 5.2
	  	Authority; No Violations	  	32
	 Section 5.3
	  	Purchase for Own Account	  	32
	 Section 5.4
	  	Investment Experience	  	32
	 Section 5.5
	  	Investor Suitability	  	32
	 Section 5.6
	  	Acknowledgements	  	32
	 Section 5.7
	  	Brokers and Finders	  	33
	 Section 5.8
	  	Disclaimer	  	33
		
	ARTICLE VI COVENANTS	  	33
	 Section 6.1
	  	Termination of Letter of Intent and Confidentiality Agreement	  	33
	 Section 6.2
	  	Confidentiality	  	33
	 Section 6.3
	  	Announcement	  	33
	 Section 6.4
	  	Expenses	  	34
	 Section 6.5
	  	Further Assurances	  	34
	 Section 6.6
	  	Interim Covenants	  	34
	 Section 6.7
	  	Access to Information	  	37
	 Section 6.8
	  	Exclusivity	  	37
	 Section 6.9
	  	Notification of Certain Matters	  	37
	 Section 6.10
	  	Consents	  	38
	 Section 6.11
	  	Risk Retention Facility	  	38
	 Section 6.12
	  	Termination of Intercompany Obligations and Releases	  	38
	 Section 6.13
	  	Director and Officer Insurance Tail Policy	  	39
	 Section 6.14
	  	Tax Matters	  	39

  
 iii 

					
	 Section 6.15
	  	The Closing Loan Tapes	  	40
		
	ARTICLE VII SURVIVAL; POST-CLOSING OBLIGATIONS	  	40
	 Section 7.1
	  	Expiration of Representations, Warranties and Covenants	  	40
	 Section 7.2
	  	Result of Breach of Representation or Warranty; Indemnification	  	41
	 Section 7.3
	  	Limitations	  	42
	 Section 7.4
	  	Claims Notice	  	43
	 Section 7.5
	  	Exclusive Remedy	  	44
	 Section 7.6
	  	Effect of Investigation	  	45
	 Section 7.7
	  	Tax Treatment	  	45
	 Section 7.8
	  	Indemnity Payment	  	45
		
	ARTICLE VIII CONDITIONS TO THE CLOSING	  	45
	 Section 8.1
	  	Conditions to Obligations of Each Party	  	45
	 Section 8.2
	  	Additional Conditions to the Obligations of Buyer	  	45
	 Section 8.3
	  	Additional Conditions to the Obligations of Seller	  	48
		
	ARTICLE IX TERMINATION OF AGREEMENT	  	48
	 Section 9.1
	  	Termination	  	48
		
	ARTICLE X MISCELLANEOUS	  	49
	 Section 10.1
	  	Amendments; Waiver	  	49
	 Section 10.2
	  	Entire Agreement	  	50
	 Section 10.3
	  	Severability	  	50
	 Section 10.4
	  	Notices	  	50
	 Section 10.5
	  	Binding Effect; No Assignment	  	51
	 Section 10.6
	  	Counterparts	  	51
	 Section 10.7
	  	No Third Party Beneficiaries	  	51
	 Section 10.8
	  	Specific Performance	  	51
	 Section 10.9
	  	Governing Law	  	52
	 Section 10.10
	  	Consent to Jurisdiction; Waiver of Jury Trial	  	52
			
	 Schedule
	  	Description	  	
	 Schedule 1.1(a)
	  	Net Working Capital	  	
	 Schedule 1.1(b)
	  	Liens	  	

  
 iv 

					
	 Schedule 1.1(c)
	  	Required Consents	  	
	 Schedule 1.1(d)
	  	Risk Retention Interests	  	
	 Schedule 2.2
	  	Net Working Capital Statement	  	
	 Schedule 4.1(a)
	  	Organization, etc.	  	
	 Schedule 4.3
	  	Consents and Approvals	  	
	 Schedule 4.4
	  	No Conflicts	  	
	 Schedule 4.5
	  	Financial Statements	  	
	 Schedule 4.6
	  	Absence of Undisclosed Liabilities	  	
	 Schedule 4.7
	  	Absence of Certain Changes	  	
	 Schedule 4.10
	  	Company Contracts	  	
	 Schedule 4.11
	  	Legal Proceedings	  	
	 Schedule 4.12
	  	Affiliate Transactions	  	
	 Schedule 4.13
	  	Compliance with Law; Government Regulation	  	
	 Schedule 4.14
	  	Company Funds	  	
	 Schedule 4.15
	  	Assets Under Management	  	
	 Schedule 4.16
	  	Taxes	  	
	 Schedule 4.17
	  	Benefit Plans; Employees	  	
	 Schedule 4.18
	  	Intellectual Property and Information Technology	  	
	 Schedule 4.19
	  	Insurance	  	
	 Schedule 6.6
	  	Interim Covenants	  	
	 Schedule 8.2(f)
	  	Resignations	  	
			
	 Exhibit
	  	Description	  	
	 Exhibit A
	  	Releases	  	

  
 v 

 EXECUTION VERSION 

PURCHASE AGREEMENT 
 This
PURCHASE AGREEMENT, dated as of July 1, 2017, is made by and between NEWSTAR FINANCIAL, INC., a Delaware Corporation (“Buyer”), and FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (“Seller”). 

W I T N E S S E T H: 
 WHEREAS,
Seller owns 100% of the limited liability company interests (the “Purchased Interests”) of Fifth Street CLO Management LLC, a Delaware limited liability company (the “Company”); and 

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell and transfer to Buyer, all of the Purchased Interests, on the terms
and conditions set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements
contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be bound hereby, the Parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS  

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Accounting Expert” has the meaning set forth in Section 2.2(b). 

“Advisers Act” means the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, the first Person, provided that the Company Funds shall be deemed not to be Affiliates of the Company or the Seller. 

“Agreement” means this Agreement, including the Disclosure Schedule and any Exhibits hereto, as such may be amended or
restated from time to time. 
 “Allocation Statement” has the meaning set forth in Section 2.5. 

“Ancillary Agreements” means all agreements, documents, instruments and certificates (other than this Agreement) executed and
delivered in connection with the Transactions. 
 “Bankruptcy and Equity Exception” has the meaning set forth in
Section 3.2(a). 

  
 1 

 “Business” means the business, activities and operations of the Company,
including the management of the Company Funds, as currently conducted. 
 “Business Day” means a day other than a Saturday,
Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 
 “Buyer”
has the meaning set forth in the Preamble. 
 “Buyer Indemnitees” has the meaning set forth in Section 7.2(a). 

“Cap” means an amount equal $1,600,000. 

“Client” means any Person to which the Company provides collateral management, investment management or investment advisory
services, including any sub-advisory services or similar services, including each Company Fund. 
 “Closing” has the
meaning set forth in Section 2.3. 
 “Closing Date” has the meaning set forth in Section 2.3. 

“Closing Loan Tapes” has the meaning set forth in Section 6.15. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral Management Agreement” means, as applicable, each of (i) that certain Collateral Management Agreement, dated
as of February 19, 2015, entered into between Fifth Street Senior Loan Fund I, LLC and Fifth Street Management LLC as amended by that certain amendment, dated as of June 29, 2015, entered into between Fifth Street Senior Loan Fund I, LLC
and Fifth Street Management LLC and as assigned to the Company by Fifth Street Management LLC pursuant to the terms of that certain Assignment and Assumption Agreement, dated as of September 28, 2015, entered into among Fifth Street Management
LLC, the Company and Fifth Street Senior Loan Fund I, LLC and (ii) that certain Collateral Management Agreement, dated as of September 29, 2015, entered into between Fifth Street SLF II, Ltd. and the Company, in each case, as amended or
supplemented from time to time. 
 “Company” has the meaning set forth in the Recitals. 

“Company Contract” means any Contract to which the Company is a party or otherwise bound, including the Collateral Management
Agreements. 
 “Company Fund” means each of Fifth Street Senior Loan Fund I, LLC and Fifth Street SLF II, Ltd. 

“Company Owned Securities” has the meaning set forth in Section 4.14(c). 

“Confidentiality Agreement” means the confidentiality agreement, dated as of March 16, 2017, by and between Buyer and
the Company, as the same may be amended from time to time. 

  
 2 

 “Confidentiality Representative” has the meaning set forth in Section 6.2.

 “Consent” means, as the context requires, any consent, approval, notice, authorization, waiver, permit, license, grant,
agreement, exemption or order of, or registration, declaration or filing with, any Person, including any Governmental Authority. 

“Contract” means any written agreement, contract, arrangement, understanding, obligation or commitment to which a Person is
bound or to which its assets or properties are subject, and any amendments and supplements thereto. 
 “Control” or
“Controlled” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, as trustee or
executor, or otherwise. For purposes of this definition, a general partner or managing member of a Person shall be deemed to Control such Person. 

“Credit Agreement” means the Credit Agreement, dated as of September 28, 2015, by and among the Company and the Credit
Parties. 
 “Credit Parties” means Bleachers Finance 1 Limited and the other lenders from time to time party to the Credit
Agreement, and Natixis, New York Branch, as agent, under the Credit Agreement. 
 “Designated Manager” shall have the
meaning assigned to such term in the Amended and Restated Limited Liability Company Agreement of Fifth Street Senior Loan Fund I, LLC, dated as of February 19, 2015. 

“Disclosure Schedule” means the disclosure schedule of even date herewith delivered by Seller to Buyer in connection with the
execution and delivery of this Agreement. 
 “Dispute Notice” has the meaning set forth in Section 2.2(a). 

“Disqualification Event” has the meaning set forth in Section 4.13(p). 

“Distribution Report” in respect of each of the Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth
Street SLF II, Ltd. shall have the meaning assigned to such term therein. 
 “Employee” means (a) any employee of the
Company, (b) any Person made available to the Company through a shared services agreement or similar agreement, or (c) any Person who is an employee of Seller. 

“Encumbrance” means any lien, pledge, restriction, mortgage, security interest, claim, charge, easement or other encumbrance
of any kind. 
 “Entity” means a Person that is not a natural person. 

“Equity Rights” has the meaning set forth in Section 4.2(b). 

  
 3 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended,
and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” has the meaning set forth in
Section 4.17(a). 
 “Escrow Agent” means the entity designated to serve as escrow agent under the Escrow Agreement.

 “Escrow Agreement” has the meaning set forth in Section 2.1(b)(iii). 

“Escrow Amount” means an amount equal to $1,600,000. 

“Estimated Purchase Price” has the meaning set forth in Section 2.1(b)(i). 

“EU Risk Retention Rules” shall have the meaning assigned to the term “Applicable Regulation” in the Indenture of
Fifth Street SLF II, Ltd. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 “Fifth Street EIV Side Letter” means the Letter Agreement, dated as of
September 1, 2016, by and between the Company and Fifth Street EIV II, LLC. 
 “Financial Statements” means
(a) the unaudited financial statements of the Company for the 12-month period ending December 31, 2016, including the balance sheet as of such date and the related statements of income and changes in equity for such period, and
(b) the unaudited balance sheet of the Company, as of the Most Recent Balance Sheet Date, and the related statement of income for the three-month period then ended. 

“FIRPTA Certificate” has the meaning set forth in Section 2.4(b). 

“Fund Documentation” means, with respect to each Company Fund, all Organizational Documentation, offering memoranda and
subscription agreements in effect as of the date hereof in respect of such Company Fund. 
 “Fundamental Representations”
has the meaning set forth in Section 7.1. 
 “GAAP” means United States generally accepted accounting principles and
practices as in effect from time to time and applied consistently throughout the periods involved. 
 “Governmental
Authority” means any nation or government, any foreign or domestic federal, state, county, municipal or other political instrumentality or subdivision thereof and any foreign or domestic Entity or body exercising executive, legislative,
judicial, regulatory, administrative or taxing functions of or pertaining to government, including any court and any Self-Regulatory Organization. 

  
 4 

 “Holdings Credit Agreement” means the Credit Agreement, dated as of
November 4, 2014, by and among Seller, the guarantors party thereto, the lenders party thereto, Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation and Morgan Stanley Senior Funding,
Inc., as amended by Amendment No. 1 to the Credit Agreement, dated as of February 29, 2016, by and among Seller, the guarantors party thereto, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as supplemented by the
Supplement to Amendment No. 1 to the Credit Agreement, dated as of May 11, 2017, by and among Seller, the guarantors party thereto, the lenders party thereto and Sumitomo Mitsui Banking Corporation. 

“Indebtedness” means, with respect to a Person (a) any indebtedness for borrowed money, whether or not having recourse
to the borrower, (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person under any leases required to be capitalized under GAAP, (d) all
obligations of such Person in respect of acceptances issued or created for the account of such Person, (e) all Liabilities secured by any Encumbrance on any property owned by such Persons even though such Person has not assumed or otherwise
become liable for the payment thereof, (f) any reimbursement obligation with respect to letters of credit (including standby letters of credit to the extent drawn upon), bankers’ acceptances or similar facilities, (g) any obligation
issued or assumed as the deferred purchase price of property or services, (h) all net obligations of such Person under interest rate, commodity, foreign currency and financial markets swaps, options, futures, derivatives and other hedging
obligations, and (i) any direct and indirect guarantees in respect of the foregoing. 
 “Indemnifying Party” has the
meaning set forth in Section 7.4(a). 
 “Indemnitee” has the meaning set forth in Section 7.4(a). 

“Indenture” means each of (i) that certain Indenture, dated as of February 19, 2015, entered into between Fifth
Street Senior Loan Fund I, LLC and Wells Fargo Bank, National Association as supplemented by that certain First Supplemental Indenture, dated as of June 26, 2015, between Fifth Street Senior Loan Fund I, LLC and Wells Fargo Bank, National
Association and (ii) that certain Indenture, dated as of September 29, 2015, entered into among Fifth Street SLF II, Ltd., Fifth Street SLF II, LLC and Wells Fargo Bank, National Association, each as may be amended or supplemented from
time to time. 
 “Intellectual Property” means all trademarks, service marks, trade names, corporate names, and trade
dress, logos, and slogans, together with all goodwill symbolized by any of the foregoing, domain names, web sites, copyrights, copyrightable subject matter, proprietary models, processes, formulas, software and databases, client lists and similar
rights, patents, patent applications, inventions, processes, designs, investment track records, formulae, models, methodologies, trade secrets, know-how, confidential information, computer software, data and documentation, track record and any other
similar intellectual property or intangible rights, tangible embodiments of any of the foregoing (in any medium including electronic media), and licenses of any of the foregoing, and registrations and applications to register or renew the
registration of any of the foregoing with any Governmental Authority in any country. 
 “Investment Company Act” means the
Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 

  
 5 

 “IRS” means the United States Internal Revenue Service. 

“Knowledge of the Company” means the actual knowledge of Ivelin Dimitrov, Matthew Stewart, Kerry Acocella, Bernard Berman and
Alexander Frank, in each case after reasonable internal inquiry of the Company, Seller and their respective Affiliates. 

“Law” means all laws, Orders, statutes, codes, regulations, ordinances, orders, decrees, rules, or other requirements with
similar effect of any Governmental Authority. 
 “Letter of Intent” means that certain Letter of Intent, dated as of
April 21, 2017, by and between Buyer and the Company, as the same may be amended from time to time. 
 “Liability” or
“Liabilities” means any claim, liability, commitment or obligation of any kind or nature whatsoever, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and
whether due or to become due, or otherwise, regardless of when asserted. 
 “Loan Asset” means, in respect of each of the
Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth Street SLF II, Ltd., the meaning assigned to the term Collateral Obligation therein. 

“Losses” has the meaning set forth in Section 7.2(a). 

“made available” means, with respect to documents or other materials, that such documents or other materials were provided to
Buyer by Seller, either through physical or electronic delivery or through the availability of such documents or other materials in a virtual data room. 

“Market Values” has the meaning assigned to such term in each of the Indentures. 

“Material Adverse Effect” means any change, effect, event, matter, occurrence or state of facts that (a) has or results
in, or would reasonably be expected to have or result in, a material adverse effect on the business, condition (financial or otherwise), assets, properties, management or results of operations of the Company or (b) does, or would reasonably be
expected to, materially impair or delay Seller’s ability to promptly perform its obligations hereunder or under any Ancillary Agreement; provided, however, a “Material Adverse Effect” shall not include any change,
effect, event, matter, occurrence or state of facts to the extent resulting from (i) a decline or worsening of the United States economy in general, (ii) any changes or developments in financial, banking or securities markets (including
any disruption thereof and any material decline in the price of any market index), (iii) changes in GAAP after the date hereof, (iv) changes in any Laws after the date hereof , (vi) any failure by the Company to meet any internal or
external projections, budgets or forecasts (but not the underlying causes of such failure unless such underlying causes would otherwise be excepted from this definition) (v) the public announcement of the Transactions, or (vi) the taking
of any action by the Company as required by this Agreement, including the completion of the Transactions contemplated hereby, actions taken or not taken by Seller or the Company with Buyer’s consent or Seller and/or the Company’s efforts
in fulfilling the conditions to Closing set forth in Section 8.1 and 8.2, including obtaining any Required Consents; provided that, with respect to a matter described 

  
 6 

 
in any of the foregoing clauses (i) through (iv), such matter shall only be excluded only to the extent that such change, effect, event, matter, occurrence or state of facts does not have a
disproportionate adverse effect on the Company relative to other participants in any of the industries or markets in which the Company operates (or applicable segments or portions of such industries or markets). 

“Monthly Report” in respect of each of the Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth
Street SLF II, Ltd., shall have the meaning assigned to such term therein. 
 “Most Recent Balance Sheet” means the balance
sheet as of March 31, 2017 of the Company, as included in the Financial Statements. 
 “Natixis” means Natixis
Securities Americas LLC. 
 “Net Working Capital” means (i) the Company’s current assets (calculated in
accordance with GAAP) excluding any management fees receivable but including (a) any interest receivable by the Company on the notes of the Company Funds, (b) the prorated portion of (1) the July 2017 distributions to the Company on
the notes of the Company Funds and (2) the administrator fees payable to the Company, and in the case of each of the foregoing (i)(a) and (i)(b), for the period ending on the Closing Date and only to the extent such amounts are not paid to the
Company prior to the Closing Date, minus (ii) the Company’s current liabilities (calculated in accordance with GAAP), calculated in accordance with Schedule 1.1(a). 

“Net Working Capital Statement” has the meaning set forth in Section 2.2(a). 

“Net Working Capital Statement Dispute Period” has the meaning set forth in Section 2.2(a). 

“OFAC” has the meaning set forth in Section 4.13(j). 

“Offering Materials” has the meaning set forth in Section 4.14(l). 

“Order” means any order, injunction, judgment, decree, writ, stipulation, award or ruling of, or settlement with, any
Governmental Authority. 
 “Organizational Documents” means, with respect to any Person that is a corporation, its articles
or certificate of incorporation or memorandum and articles of association, as the case may be, and its bylaws and other constituent documents; with respect to any Person that is a limited partnership, its certificate of limited partnership and its
limited partnership or operating agreement and other constituent documents; with respect to any Person that is a limited liability company, its certificate of formation and its limited liability company or operating agreement and other constituent
documents; with respect to any Person that is a trust or other Entity, its indenture, declaration or agreement of trust and its other constituent documents; and with respect to any other Person, its comparable organizational documents, in each case,
as has been amended or restated and as is in effect as of immediately prior to the Closing. 
 “Parties” means Buyer and
Seller. 

  
 7 

 “Performance Amounts” means any fees paid or allocations made for investment
advisory or investment management services, including carried interest, the amount of which is dependent on the investment performance of the Company Funds. 

“Performance Composite” has the meaning set forth in Section 4.14(m). 

“Permits” has the meaning set forth in Section 4.13(c). 

“Permitted Encumbrances” means (a) liens created under the express terms of any real property lease, except any lien
arising as a result of any failure to timely make any payment or failure to perform any other obligation or other default under such lease, (b) liens for Taxes that are not yet due and payable or that are being contested in good faith by
appropriate proceedings, and for which adequate reserves have been established on the Most Recent Balance Sheet in accordance with GAAP, (c) mechanics, materialmen’s, landlords’, carriers’, warehousemen’s, and other liens
imposed by law incurred in the ordinary course of business consistent with past practice for amounts not yet due and payable, (d) zoning restrictions, land use regulations, declarations, reservations, provisions, covenants, conditions, waivers,
restrictions on the occupancy or use of property and third party easements, rights of way, leases or similar matters that are recorded in the county records where the effected property is located and do not prohibit the occupancy or use of the
property, (e) deposits or pledges to secure obligations under workers’ compensation, social security or similar laws, or under unemployment insurance, (f) deposits or pledges to secure bids, tenders, contracts (other than contracts
for the payment of money), personal property leases (including liens securing rental payments under any lease arrangements that are secured by the personal property being rented thereby), statutory obligations, surety and appeal bonds, performance
bonds and other obligations of like nature arising in the ordinary course of the business consistent with past practice and made, created or arising prior to the Closing Date, (g) Uniform Commercial Code financing statements regarding operating
leases; (h) liens disclosed on Schedule 1.1(b) and (i) such Encumbrances that are not, individually or in the aggregate, material to the business of the Company. 

“Person” means any natural person or any firm, partnership, limited partnership, limited liability partnership, association,
corporation, limited liability company, joint venture, trust, business trust, sole proprietorship, Governmental Authority or other Entity or any division thereof. 

“Plans” has the meaning set forth in Section 4.17(a). 

“Pre-Closing Tax Period” has the meaning set forth in Section 6.14(b). 

“Pre-Closing Tax Returns” has the meaning set forth in Section 6.14(b). 

“Previous Financial Statements” means the unaudited financial statements of the Company for the 12-month periods ending
December 31, 2015, including the balance sheet as of such date and the related statements of income and changes in equity for such period. 

  
 8 

 “Proceeding” means any judicial, administrative or arbitral action, cause of
action, suit, claim, demand, citation, notice, summons, subpoena, investigation, examination, audit, review, inquiry or proceeding of any nature, civil, criminal, regulatory or otherwise, in law or in equity, by, on behalf of, before or involving
any court, tribunal, arbitrator or other Governmental Authority. 
 “Purchased Interests” has the meaning set forth in the
Recitals. 
 “Purchase Price” has the meaning set forth in Section 2.1(a). 

“Records” has the meaning set forth in Section 4.14(m). 

“Records Requirement” has the meaning set forth in Section 4.14(m). 

“Related Party” means (a) Seller, or any (direct or indirect) member, partner, shareholder, manager, director, officer
or Employee of Seller, any Affiliate of the Seller and/or the Company, (b) any spouse, former spouse, child, parent, parent of a spouse, sibling or grandchild of any of the Persons listed in clause (a) above, (c) any Affiliate of any
of the Persons listed in clause (a) or (b) above, and (d) any trust or other estate in which any of the Persons listed in clause (a) or (b) or (c) above has a substantial beneficial interest or as to which such Person
serves as trustee or in a similar fiduciary capacity. 
 “Remaining Escrow Amount” means an amount equal to $800,000. 

“Required Consents” means, collectively, (i) all of the Consents set forth on Schedule 1.1(c) and (ii) the consent
from each of the applicable Credit Parties to the transactions contemplated hereby. 
 “Retention Undertaking” means that
certain letter agreement, dated as of September 29, 2015, between the Company and, for purposes of obtaining the benefit of the representations, warranties, covenants, undertakings and acknowledgements contained therein, Natixis Securities
America LLC, in its capacity as placement agent, Fifth Street SLF II, Ltd. and Wells Fargo Bank, National Association, as amended from time to time in accordance with its terms. 

“Risk Retention Interests” means the notes issued by Fifth Street Senior Loan Fund I, LLC or Fifth Street SLF II, Ltd. owned
by the Company, which are as set forth in Schedule 1.1(d). 
 “SDN List” has the meaning set forth in
Section 4.13(j). 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Notes” shall have the meaning assigned to such term in the Indentures. 

“Securities Act” has the meaning set forth in Section 4.14(f). 

“Self-Regulatory Organization” means the Financial Industry Regulatory Authority, each national securities exchange in the
United States, each non-U.S. securities exchange, and each other commission, board, agency or body, whether United States or foreign, 

  
 9 

 
that is charged with the supervision or regulation of brokers, dealers, commodity pool operators, commodity trading advisors, futures commission merchants, securities underwriting or trading,
stock exchanges, commodities exchanges, insurance companies or agents, investment companies or investment advisers, or to the jurisdiction of which the Company or any Company Fund is subject. 

“Seller” has the meaning set forth in the Preamble. 

“Seller Indemnitees” has the meaning set forth in Section 7.2(b). 

“Side Letters” has the meaning set forth in Section 4.15(b). 

“Straddle Period” means any taxable period beginning before the Closing Date and ending after the Closing Date. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, joint venture, or
other legal Entity of which such Person (either alone or through or together with any other Subsidiary) owns, directly or indirectly, more than 50% of the stock or other equity interests the holders of which are generally entitled to vote for the
election of the board of directors or other governing body of such corporation or other legal Entity. 
 “Tail Policy” has
the meaning set forth in Section 6.13. 
 “Targeted Net Working Capital Amount” means $0.00. 

“Tax” means: (a) any federal, state, local, foreign and other taxes, levies, fees, imposts, assessments, duties and
charges of whatever kind imposed by any Taxing Authority (including any interest, penalties, or additions attributable thereto, imposed in connection therewith, or imposed with respect thereto), including taxes imposed on, or measured by, net or
gross income, alternative minimum, accumulated earnings, personal holding company, franchise, doing business, capital stock, net worth, capital, profits, windfall profits, gross receipts, business, securities transaction, value added, sales, use,
excise, custom, transfer, registration, stamp, premium, real property, personal property, escheat, abandoned or unclaimed property, ad valorem, intangibles, rent, occupancy, license, occupational, employment, unemployment, social security,
disability, workers’ compensation, payroll, withholding, estimated and recording, whether computed on a separate, consolidated, unitary, combined or other basis; (b) any liability for the payment of any amounts described in this definition
as a result of being a member of an affiliated, consolidated, combined, unitary or similar group, as a result of transferor or successor liability, or as a result of the operation of Law; or (c) any liability for the payments of any amounts as
a result of being a party to any Tax Sharing Agreement or as a result of any express or implied obligation to indemnify any other Person with respect to the payment of any amounts of the type described in clause (a) or (b) and, in each of
cases (a), (b) and (c), whether disputed or not. 
 “Taxing Authority” means the IRS or any other Governmental
Authority having jurisdiction over the assessment, determination, collection or other imposition of Taxes or any other authority exercising Tax regulatory authority. 

  
 10 

 “Tax Claim” has the meaning set forth in Section 6.14(c). 

“Tax Return” means any return, report, declaration, form, claim for refund or information return or statement, including any
schedule or related or supporting information, filed or required to be filed with any Governmental Authority in connection with the determination, assessment or collection of any Tax or the administration of any Laws, regulations or administrative
requirements relating to any Tax, including any attachment, amendment, or supplement thereto. 
 “Tax Sharing Agreement”
means any Tax allocation agreement, Tax indemnification agreement, Tax sharing agreement or similar Contract or arrangement, whether or not written. 

“Third Party Claim” has the meaning set forth in Section 7.4(b). 

“Threshold” has the meaning set forth in Section 7.3(a). 

“Transaction Expenses” means all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment
bankers, experts and consultants to any Party and its Affiliates) incurred by a Party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution and performance of this Agreement, the Ancillary
Agreements and the Transactions. 
 “Transactions” means the transactions contemplated by this Agreement, including the
execution, delivery and performance of each of the Ancillary Agreements. 
 “Transfer Taxes” means all transfer,
documentary, intangible, sales, use, stamp, registration and other similar Taxes and fees (including any penalties and interest) incurred in connection with, or resulting from, this Agreement and the transactions contemplated hereby. 

“Treasury Regulations” means the final and temporary U.S. federal income tax regulations promulgated under the Code, as the
same may be amended hereafter from time to time. 
 Section 1.2 Construction and Interpretation. When a reference is made in
this Agreement to Sections, Exhibits or Schedules, such reference shall be to a Section of or Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents, headings and footers contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation”. Words in the singular form will be construed to include the plural, and vice versa, unless the context requires otherwise. Pronouns of one gender shall include all genders. Unless the defined term
“Business Days” is used, references to “days” in this Agreement refer to calendar days. If any period expires on a day which is not a Business Day or any event or condition is required by the terms of this Agreement to occur or
be fulfilled on a day which is not a Business Day, such period shall expire or such event or condition shall occur or be fulfilled, as the case may be, on the next succeeding Business Day. The Parties have participated jointly in 

  
 11 

 
the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all Parties,
and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 

ARTICLE II 
 PURCHASE
AND SALE 
 Section 2.1 Purchase and Sale. 

(a) Subject to the terms and conditions set forth in this Agreement, at the Closing, Seller shall sell, assign, transfer and convey to Buyer,
and Buyer shall purchase, acquire and accept from Seller, the Purchased Interests free and clear of all Encumbrances (other than those under applicable federal or state securities Laws), in exchange for an aggregate amount (the “Purchase
Price”) equal to the sum of (i) $29,000,000, minus (ii) any Transaction Expenses of the Company that remain outstanding as of the Closing, minus (iii) the amount of any amounts that remain outstanding under the
Credit Agreement as of the Closing, plus or minus, as applicable, (iv) the net amount by which Net Working Capital reflected on the Net Working Capital Statement differs from the Targeted Net Working Capital (for the purpose of
calculating the amounts in clause (iv), as adjusted for any adjustment to the Purchase Price pursuant to clause (iii)), plus (v) any amounts of management or similar fees actually received by the Company prior to the Closing Date in
respect of the period of time beginning on April 1, 2017 and ending on the Closing Date. 
 (b) Subject to the terms and conditions
herein, the Purchase Price will be estimated and paid as follows: 
 (i) No later than five (5) Business Days prior to
the Closing Date, Seller shall provide to Buyer a detailed estimate of the Purchase Price (the “Estimated Purchase Price”) based upon the most recent available information, including an estimate of each of the elements detailed in
Section 2.1(a). Buyer and Seller shall agree in good faith on the amount of the Estimated Purchase Price prior to the Closing. 

(ii) On the Closing Date, the Estimated Purchase Price minus the Escrow Amount shall be paid to Seller in accordance with
Section 2.4(a). 
 (iii) The Escrow Amount shall be deposited by wire transfer of immediately available funds with the
Escrow Agent, to be managed and paid out by the Escrow Agent pursuant to the terms and conditions of an Escrow Agreement to be entered into among the Buyer, Seller and the Escrow Agent in a form reasonably satisfactory to the parties (the
“Escrow Agreement”). On the date that is five (5) Business Days after the one (1) year anniversary of the Closing Date, the Escrow Amount shall be reduced to an amount equal to the sum of (x) the Remaining Escrow
Amount and (y) the amount of any claims made against the escrow pursuant to Section 7.2(a), and any amount of the Escrow Amount in excess of such sum shall be released to Seller pursuant to the terms

  
 12 

 
and conditions of the Escrow Agreement. Any remaining portion of the Escrow Amount less any amounts claimed against the escrow pursuant to Section 7.2(a) shall be released to Seller by the
Escrow Agent pursuant to the terms and conditions of the Escrow Agreement and otherwise on the date that is five (5) Business Days after the date that is eighteen (18) months following the Closing. 

(iv) Any Transaction Expenses of the Company that remain outstanding as of the Closing that are deducted in the calculation of
the Estimated Purchase Price shall be paid by wire transfer of immediately available funds to such account designated by the Company in writing at least three (3) Business Days prior to the Closing in order to satisfy such Transaction Expenses,
in each case in accordance with payoff letters and/or letters of direction delivered at Closing in a form reasonably satisfactory to Buyer. For the avoidance of doubt, neither the Company nor the Buyer will directly or indirectly bear any portion of
the Transaction Expenses of the Seller. 
 Section 2.2 Working Capital Adjustment. 

(a) Buyer shall prepare a statement of the Net Working Capital as of the Closing (the “Net Working Capital Statement”) and
deliver such statement to Seller not more than thirty (30) days following the Closing Date. The Net Working Capital Statement shall be prepared using the same methodology, policies, inclusions, and exclusions as used to determine the Net
Working Capital as set forth on Schedule 2.2. Seller shall have fifteen (15) days after receipt of the Net Working Capital Statement (such period, the “Net Working Capital Statement Dispute Period”) to dispute any or all
amounts or elements of such Net Working Capital Statement. If Seller determines to dispute the Net Working Capital Statement during such period, Seller shall provide Buyer with a notice of such dispute (a “Dispute Notice”), setting
forth in reasonable detail the amounts included in the Net Working Capital Statement with which Seller disagrees, Seller’s alternative calculation, in reasonable detail, of such amounts, and all other information applicable to such dispute,
which notice shall be provided prior to the end of the Net Working Capital Statement Dispute Period. If Seller does not deliver notice of any such dispute to Buyer prior to the end of the Net Working Capital Statement Dispute Period, then the Net
Working Capital Statement shall be deemed to be final and binding upon Buyer and Seller in the form in which it was delivered to Seller. 

(b) If Seller delivers to Buyer a Dispute Notice prior to the end of the Net Working Capital Statement Dispute Period, then Seller and Buyer
shall use commercially reasonable efforts to resolve the dispute and agree in writing upon the final content of the Net Working Capital Statement within thirty (30) days following the delivery of the Dispute Notice. Items and amounts not
objected to by Seller in the Dispute Notice shall be deemed resolved. If Buyer and Seller are unable to resolve all of the items or amounts in dispute within such thirty (30) day period, then Buyer and Seller shall submit the dispute for
resolution to Ernst & Young (the “Accounting Expert”). The Accounting Expert shall prepare a final Net Working Capital Statement, which statement shall assume the correctness of all amounts not in dispute and Accounting
Expert shall determine all amounts which remain in dispute. In resolving any matters in dispute, the Accounting Expert may not assign a value to any item in dispute greater 

  
 13 

 
than the greatest value for such item assigned by Buyer, on the one hand, or Seller, on the other hand, or less than the smallest value for such item assigned by Buyer, on the one hand, or
Seller, on the other hand. Except for manifest error on its face or fraud, all determinations of Accounting Expert with respect to the Net Working Capital Statement shall be final, conclusive and binding on Buyer and Seller and neither Buyer nor
Seller shall have the right to appeal such determinations. Buyer and Seller shall bear their own expenses in connection with the review and resolution by Accounting Expert. The fees and expenses of Accounting Expert incurred in connection with the
resolution of the dispute shall be allocated between Buyer and Seller by Accounting Expert in proportion to the extent that either of Buyer or Seller did not prevail on items in dispute with respect to the Net Working Capital Statement as submitted
to Accounting Expert; provided, that so long as each Party complies with the procedures of this Section 2.2(b), such Party shall not be responsible for the other Parties’ outside counsel or accounting fees. 

(c) Buyer and Seller agree to cooperate fully and expeditiously with Accounting Expert in order to facilitate the receipt of the final
determination of Accounting Expert within thirty (30) days following submission of a dispute to Accounting Expert. 
 (d) (i) If the
Net Working Capital at Closing, as ultimately determined pursuant to this Section 2.2, is greater than the Net Working Capital included in the Estimated Purchase Price, Buyer shall, within thirty (30) days following such final
determination, pay to Seller amount equal to such excess to the account designated by Seller in writing to Buyer at least three (3) Business Days prior to the expiry of such 30-day period, and (ii) if the Net Working Capital at Closing, as
ultimately determined pursuant to this Section 2.2, is less than the Net Working Capital included in the Estimated Purchase Price, Seller shall pay, within thirty (30) days following such final determination, to Buyer an amount equal to
such shortfall to the account designated by Buyer in writing to Seller at least three (3) Business Days prior to the expiry of such 30-day period. 

(e) Except as otherwise required by applicable Law, the Parties agree to treat any payment made pursuant to this Section 2.2 as an
adjustment to the Purchase Price for all Tax purposes. 
 Section 2.3 Closing. Subject to the terms and conditions of this
Agreement, the closing of the sale of the Purchased Interests (the “Closing”) shall take place at the offices of Seward & Kissel LLP on the third Business Day following the satisfaction or waiver of each of the conditions
set forth in Article VIII, or at such other time or place as the Parties may agree (the date the Closing takes place, the “Closing Date”). 

Section 2.4 Deliveries at Closing. At the Closing: 

(a) Buyer shall pay to Seller, by wire transfer of immediately available funds to the account designated by Seller in writing to Buyer at
least three (3) Business Days prior to the Closing, the Estimated Purchase Price less the Escrow Amount; 
 (b) Seller shall deliver to
Buyer a duly executed certificate of non-foreign status in the form and manner that complies with Section 1445 of the Code and the Treasury Regulations promulgated thereunder (a “FIRPTA Certificate”); 

  
 14 

 (c) Seller shall deliver to Buyer the Required Consents; 

(d) Seller shall deliver to Buyer evidence of the Tail Policy which will be in effect as of the Closing; 

(e) Seller shall deliver to Buyer evidence reasonably satisfactory to Buyer of the full and complete discharge and release of all guarantees,
including under the Holdings Credit Agreement, given by the Company; 
 (f) Seller shall deliver to Buyer evidence reasonably satisfactory
to Buyer of the termination and extinguishment of the Fifth Street EIV Side Letter; 
 (g) Each Party shall deliver to each other Party, as
applicable, each of the documents, items and certificates required to be delivered by such Party pursuant to Article VIII of this Agreement; 

(h) Seller shall deliver to Buyer evidence reasonably satisfactory to Buyer of the full and complete withdrawal by Seller as a member of the
Company; and 
 (i) Each Party shall deliver, or shall cause to be delivered, to each other Party, as applicable, all other previously
undelivered documents or statements required to be delivered by such Party to another Party at the Closing pursuant to this Agreement. 

Section 2.5 Purchase Price Allocation. Within sixty (60) days following the Closing, Buyer shall prepare and deliver to
Seller an allocation statement to allocate the Purchase Price among the assets of the Company for Tax purposes (the “Allocation Statement”). Seller will have the opportunity to review the Allocation Statement provided by Buyer and
provide written notice of objections to Buyer within thirty (30) days after receiving Allocation Statement. If Seller fails to deliver a written notice of objection within such thirty (30)-day period, Buyer’s Allocation Statement shall be
final and binding and not subject to further dispute. If Seller delivers a written notice of objection to Buyer in a timely manner, and Seller and Buyer do not resolve such objections to their mutual satisfaction within thirty (30) days, either
Seller or Buyer may elect to subject the Allocation Statement to the Accounting Expert in accordance with the procedure described in, and the dispute shall be resolved in the same manner as disputes are resolved pursuant to
Section 2.2(b) of this Agreement. Upon such dispute being resolved, the decision of the Accounting Expert shall be final and binding. Except as otherwise required pursuant to a final determination by a Taxing Authority, each Party shall
file all Tax Returns in a manner that is consistent with the Allocation Statement and refrain from taking any action inconsistent therewith. Seller and Buyer shall promptly advise each other of any Tax audit or other Legal Proceeding related to any
allocation hereunder. 

  
 15 

 ARTICLE III  

REPRESENTATIONS AND WARRANTIES 

OF SELLER 
 Seller
hereby represents and warrants to Buyer as of the date hereof and as of the Closing as follows: 
 Section 3.1 Organization,
Etc. Seller is duly formed, validly existing and in good standing under the laws of the State of Delaware. Seller has made available to Buyer true, correct, and complete copies of all of its Organizational Documents. 

Section 3.2 Authority; No Violations. 

(a) Seller has full right, power, authority and legal capacity to execute and deliver this Agreement and each of the Ancillary Agreements to
which Seller is a party, and to perform Seller’s obligations hereunder and thereunder. This Agreement and each of the Ancillary Agreements to which Seller is a party constitute, or upon execution will constitute (assuming due authorization,
execution and delivery by each of the other parties thereto), valid and legally binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except as limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar Laws affecting the enforcement of creditors’ rights or by general principles of equity, whether such enforceability is considered in a court of law, a court of equity or otherwise (the “Bankruptcy
and Equity Exception”). 
 (b) Neither the execution, delivery and performance by Seller of this Agreement or each of the Ancillary
Agreements to which Seller is a party, nor the consummation by Seller of the Transactions, or compliance by Seller with any of the terms or provisions hereof and thereof or performance of its obligations hereunder and thereunder will, with or
without the giving of notice, the termination of any grace period or both: (i) violate any applicable Law or Order, (ii) assuming the Required Consents are obtained, result in a violation or breach by Seller of, conflict with, result in a
termination of, contravene or constitute or will constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration) under any of the terms, conditions or
provisions of any Contract or other instrument or obligation to which Seller is a party, or by which Seller or any of its properties or assets may be bound, or (iii) result in the creation of any Encumbrance upon the Purchased Interests,
except, in the case of (ii)—(iii), for any violation, breach, conflict, default or right of termination, cancellation, redemption, payment or acceleration that would not reasonably be expected to be material to the Seller. There is no
Proceeding pending or, to the knowledge of such Seller, threatened, against such Seller that, individually or in the aggregate, would reasonably be expected to prevent or materially impair or delay the ability of Seller to perform on a timely basis
his or her obligations hereunder or under each of the Ancillary Agreements to which Seller is a party. 
 Section 3.3 Title.
Seller is the sole record and beneficial owner of the Purchased Interests, free and clear of any and all Encumbrances (other than those existing under applicable federal or state securities Laws), and such Purchased Interests were issued in full
compliance with applicable securities Laws. Seller has good and marketable title to the Purchased Interests and has the power and authority to sell, transfer, assign and deliver the Purchased Interests, and such delivery will convey to Buyer at the
Closing good and valid title to such Purchased Interests free and clear of any and all Encumbrances (other than those existing under applicable federal or state securities Laws). 

Section 3.4 Foreign Person Status. Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the
Code and the Treasury Regulations thereunder. 

  
 16 

 Section 3.5 Compliance with Law. Seller has at all times since December 31, 2013
complied and is in compliance with, in each case in all material respects with respect to all applicable Laws related to its ownership and operation of the Company. 

Section 3.6 Brokers and Finders. Except for Natixis, no agent, broker, Person, financial advisor or other intermediary acting on
behalf of such Seller is, or will be, entitled to any broker’s commission, finder’s fees or similar payment from such Seller or the Company or any of their Affiliates, in connection with the Transactions. Any such commission, fee or
payment owed to Natixis shall be solely the responsibility of Seller and not the Company. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

REGARDING THE COMPANY AND THE COMPANY FUNDS 

Except as set forth in the correspondingly numbered Disclosure Schedule (it being agreed that any matter disclosed in the Disclosure Schedule
with respect to any section of this Agreement shall be deemed to have been disclosed for purposes of each other Section or subsection of this Agreement to the extent the applicability of such matter so referenced is reasonably apparent on the face
of such included matter to a reader unfamiliar with the business of the Company), Seller hereby represents and warrants to Buyer as of the date hereof and as of the Closing as follows: 

Section 4.1 Organization, Etc. The Company is duly formed, validly existing and in good standing under the laws of the State of
Delaware. The Company has the requisite power and authority to carry on the Business and to own, lease and operate all of its properties and assets, as currently conducted, owned, leased or operated. Schedule 4.1(a) sets forth a true, correct, and
complete list of each jurisdiction in which the Company is qualified to do business and such jurisdictions represent all jurisdictions in which the nature of the Company’s business or the character or location of the properties and assets
owned, leased or operated by it makes such qualification necessary, except for such failures to be so qualified that have not had and would not reasonably be expected to have a Material Adverse Effect. The Company has made available to Buyer true,
correct, and complete copies of all of its Organizational Documents. 
 Section 4.2 Capital Structure. 

(a) The Purchased Interests represent 100% of the issued and outstanding fully diluted limited liability company interests of the Company and
Seller is the sole record and beneficial owner of such interests. Other than the Purchased Interests, there are no issued or outstanding equity interests, economic interests or voting interests in the Company. All of the Purchased Interests have
been duly authorized and validly issued, are fully paid and non-assessable, have been offered, sold and delivered by the Company in compliance in all material respects with applicable securities and other applicable Laws and Contracts and have not
been issued in violation of any Equity Rights. Since inception of the Company, there have been no disputes regarding the ownership of the Company or the right to receive distributions therefrom and to the Knowledge of the Company there are no
circumstances likely to give rise to any such dispute. 

  
 17 

 (b) There are no outstanding securities, options, warrants, calls, rights, conversion rights,
preemptive rights, rights of first refusal, redemption rights, repurchase rights, plans, “tag-along” or “drag-along” rights, stock appreciation, phantom equity, profits interests or similar rights commitments, agreements,
arrangements or undertakings (“Equity Rights”) (i) obligating the Company to issue, deliver, redeem, purchase or sell, or cause to be issued, delivered, redeemed, purchased or sold, any interests in the Company or any
securities or obligations convertible or exchangeable into or exercisable for, any interests in the Company, (ii) giving any Person a right to subscribe for or acquire any interests in the Company or (iii) obligating the Company to issue,
grant, adopt or enter into any Equity Right. The Company does not have outstanding Indebtedness that could entitle or convey to any Person the right to vote, or that is convertible into or exercisable for interests in the Company. No Person other
than Seller has an ownership interest or the right to participate in the revenues, profits, goodwill or other assets of the Company. 
 (c)
The Company has no Subsidiaries. 
 Section 4.3 Consents and Approvals. Except as set forth on Schedule 4.3, the Company
is not required to obtain any Consent in connection with the Transactions other than those consents, waivers, approvals, filings, notifications and registrations, the failure of which being obtained or made would not, individually or in the
aggregate, reasonably be expected to be materially adverse to the Company or the Transactions contemplated hereby. 
 Section 4.4 No
Conflicts. Except as set forth on Schedule 4.4, the consummation of the Transactions will not conflict with, result in a termination of, contravene or constitute a default under, or be an event that with the giving of notice or passage of
time or both will become a default under, or give to any other Person any right of termination, payment, acceleration, vesting or cancellation of or under, or accelerate the performance required by or maturity of, or result in the creation of any
Encumbrance or loss of any rights of the Company pursuant to any of the terms, conditions or provisions of or under (a) any applicable Law or Order, (b) the Organizational Documents of the Company, or (c) any Contract, Plan or other
instrument binding upon the Company or to which the property or assets of the Company or any portion of the Business is subject, except, in the case of clauses (a) and (c), for any violation, breach, conflict, default or right of termination,
cancellation, redemption, payment or acceleration that would not reasonably be expected to be material to the Company. 
 Section 4.5
Financial Statements. 
 (a) Schedule 4.5(a) sets forth true, correct, and complete copies of the Financial Statements and the
Previous Financial Statements. Each balance sheet included in the Financial Statements and the Previous Financial Statements presents fairly in all material respects the financial position of the Company as of the date thereof. The other financial
statements included in the Financial Statements and the Previous Financial Statements present fairly in all material respects the results of the operations of the Company for the periods therein set forth. The Financial Statements and the Previous
Financial Statements have been prepared and presented on a GAAP accrual basis consistently applied during the periods involved. 

  
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 (b) Except as set forth in Schedule 4.5(b), the Company has no outstanding Indebtedness,
nor has it engaged in any “off balance sheet” or similar financing of a type which would not be required to be shown or reflected in the Financial Statements. As of the Closing, except as arising under the Credit Agreement and the
transactions contemplated thereby, the Company will not have any outstanding Indebtedness, nor will it have any Liabilities in respect of any “off balance sheet” or similar financing of a type which would not be required to be shown or
reflected in the Financial Statements. 
 Section 4.6 Absence of Undisclosed Liabilities. 

(a) The Company is not subject to any Liability that would be required by GAAP to be disclosed on a balance sheet of the Company except
(i) as and to the extent specifically disclosed and reserved against in the Most Recent Balance Sheet or footnotes thereto, (ii) obligations that were incurred after the date of the Most Recent Balance Sheet in the ordinary course of
business or (iii) obligations incurred in the ordinary course of business that, individually or in the aggregate, have not been and would not reasonably be expected to be material to the Company. The Company is in compliance in all material
respects with the terms of the Credit Agreement, including all representations, warranties, covenants and other agreements set forth therein and all such representations, warranties, covenants and other agreements are true and correct in all
material respects. 
 (b) As of the Closing, to the Knowledge of the Company, the Company will not be subject to any Liabilities (to the
extent a Liability is contingent, only to the extent the occurrence thereof is reasonably foreseeable) except for those set forth on Schedule 4.6. 

Section 4.7 Absence of Certain Changes. Since December 31, 2016, except as set forth on Schedule 4.7, other than as
expressly permitted under this Agreement, in connection with the execution of investment strategies permitted by the investment guidelines of the applicable Company Funds (such investment guidelines having been made available to Buyer), (a) the
Company and, to the Knowledge of the Company, each Company Fund has conducted its business in the ordinary course consistent with past practices of the Company or such Company Fund, respectively, (b) there has not occurred any change, effect,
event, occurrence, development that has, or would reasonably be expected to have, a Material Adverse Effect on the Company, (c) no material change has occurred in the assets and liabilities shown in the Most Recent Balance Sheet and
(d) none of the events set forth in Section 6.6(b) of this Agreement have occurred. 
 Section 4.8 Assets. 

(a) The Company owns and has (and immediately after giving effect to the consummation of the Transactions, the Company will have) good and
valid title to, or otherwise has (and immediately after giving effect to the Transactions, the Company will have) full or sufficient and legally enforceable rights to use all of the properties and assets (real, personal or mixed, tangible or
intangible) necessary for the conduct of, or otherwise material to, the Business, in each case free and clear of any Encumbrance (other than Permitted Encumbrances , liens arising under the Credit Agreement and those existing under applicable
federal or state securities Laws). The assets of the Company are adequate for the uses to which they are being put, and are sufficient for the continued conduct of the Company’s business after the Closing in substantially the same manner as
conducted prior to the Closing. 

  
 19 

 (b) The Company is the sole record and beneficial owner of the Risk Retention Interests, free and
clear of any and all Encumbrances other than Permitted Encumbrances, liens arising under the Credit Agreement and those existing under applicable federal or state securities Laws). The Company has (and immediately after giving effect to the
consummation of the Transactions, the Company will have) good and valid title to the Risk Retention Interests free and clear of any and all Encumbrances (other than Permitted Encumbrances, those existing under applicable federal or state securities
Laws and liens arising under the Credit Agreement). 
 Section 4.9 Real Property. The Company does not own or lease any real
property or any interest therein. 
 Section 4.10 Company Contracts. 

(a) Schedule 4.10(a)(i) contains a true, correct and complete list of all Company Contracts (other than the Fund Documentation) in
existence on the date hereof. The Company has made available to Buyer true, correct, and complete copies of all written Company Contracts. Except as set forth on Schedule 4.10(a)(i), the Company does not have, and is not a party to, any oral
contracts. As of the Closing Date, the Company shall not be party to, obligated under or otherwise have any Liabilities in respect of any Contracts except for those set forth on Schedule 4.10(a)(ii). The Company is not obligated to pay any
outstanding amounts with respect to the Fifth Street EIV Side Letter and the Company does not have any Liabilities in respect of the Fifth Street EIV Side Letter. 

(b) Each Company Contract is valid and binding on the Company and in full force and effect, and is enforceable against the Company and, to the
Knowledge of the Company, each other party thereto in accordance with its terms except as may be limited by the Bankruptcy and Equity Exception. There are no existing material defaults of the Company under any Company Contract. Each Company Contract
has been performed by the Company in accordance with its terms and applicable Law in all material respects. The Company has not received written notice from any other party of any default by the Company with respect to any Company Contract, or of
such party’s intent to cancel or terminate any Company Contract. 
 (c) Schedule 4.10(c) contains a true, correct, and complete
list of all banks or savings and loan associations, or commodities or securities firms, or other financial institutions in which the Company has an account or safe deposit box, the numbers of each such account or box, and the names of all Persons
having power to borrow, discount debt obligations, cash or draw checks, enter boxes, sell or buy securities, or otherwise act on behalf of the Company in any dealings with such banks or savings and loan association, or commodities or securities
firm. 
 Section 4.11 Legal Proceedings. Except as set forth on Schedule 4.11, (i) there are no past, pending or, to
the Knowledge of the Company, threatened in writing Proceedings involving or concerning the Company and (ii) the Company has not received any written correspondence from any subordinated noteholder of any Company Fund regarding or alleging a
breach of 

  
 20 

 
contract, obligation or duty by the Company or any complaint regarding any change in the nature of services provided by the Company. There is no Proceeding pending or, to the Knowledge of the
Company, threatened in writing that seeks to prohibit the enforceability or performance, of this Agreement or the Transactions, and, to the Knowledge of the Company, there are no facts or circumstances reasonably likely to give rise to the same.

 Section 4.12 Affiliate Transactions. Except as otherwise set forth on Schedule 4.12, and other than investment
management agreements on customary terms and the Organizational Documents of the Company, there is not any agreement between the Company, on the one hand, and any Related Party on the other hand, including any agreement in which a Related Party
(a) has borrowed money from or loaned money to the Business, the Company or any Company Fund that is currently outstanding, (b) has any ownership interest in any of the properties or assets of the Company (real, personal or mixed, tangible
or intangible) or any Company Fund, or (c) is a party to any agreement or is engaged in any ongoing transaction with the Business, the Company and/or any Company Fund. 

Section 4.13 Compliance with Law; Government Regulation. 

(a) Except as otherwise set forth in Schedule 4.13(a), since the Company’s inception, the Company has in all material respects
complied, and is in all material respects in compliance with, all applicable Laws. Since the Company’s inception, the Company has not received any written notice from (and, to the Knowledge of the Company, has not been threatened in writing by)
any Governmental Authority asserting any violation by the Company of any applicable Law that would reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, neither the Company nor, to the Knowledge
of the Company, any Company Fund has received any correspondence or notices in writing (including a subpoena) from the SEC Division of Enforcement regarding the management of the Company Funds and the activities related to such management and, to
the Knowledge of the Company, is not (nor are its activities) a subject in any pending or threatened action or investigation by the SEC or any other Governmental Authority. 

(b) The Company is registered as an “investment adviser” under the Advisers Act and has been registered at all times required by the
Advisers Act. The Company has made available to Buyer prior to the date of this Agreement a true, correct, and complete copy of the Form ADV (Part 1 and Part 2) of the Company in effect on the date of this Agreement. The Company is and at all times
required by applicable Law (other than the Advisers Act) has been registered, licensed or qualified as an investment advisor in each jurisdiction where the conduct of its business required such registration, license or qualification except as set
forth on Schedule 4.13(b) or where the failure to be so registered, licensed or qualified would not reasonably be expected to be material to the Company. Schedule 4.13(b) contains a true, correct, and complete list in all material respects of
such current registrations, licenses and qualifications. 
 (c) The Company holds, and is in material compliance with all requirements
under, all licenses, registrations, consents, franchises, permits, orders, warrants, confirmations, permissions, certificates, approvals and authorizations (collectively, “Permits”) that are required in order to permit the Company
to own or lease its properties and assets and to conduct the Business as presently conducted under and pursuant to all applicable Laws, except those the 

  
 21 

 
failure to hold or comply with would not reasonably be expected to be material to the Company. All such Permits, with respect to the Company or the applicable Company Fund, are listed on
Schedule 4.13(c). All such Permits are in full force and effect and are not subject to any suspension, cancellation, modification or revocation or any Proceedings related thereto, and, to the Knowledge of the Company, no such suspension,
cancellation, modification or revocation or Proceeding is threatened. To the Knowledge of the Company, the consummation of the Transactions will not cause the revocation, modification or cancellation of, or violation under, any Permit. 

(d) Except as otherwise set forth in Schedule 4.13(d), the Company is not, and has not been (i) a bank, trust company,
broker-dealer, commodity broker-dealer, commodity pool operator, commodity trading advisor, real estate broker, insurance company, insurance broker or transfer agent within the meaning of any applicable Law, (ii) required to be registered,
licensed or qualified as a bank, trust company, broker-dealer, commodity broker-dealer, commodity pool operator, commodity trading advisor, real estate broker, insurance company, insurance broker or transfer agent under any applicable Law or
(iii) subject to any liability or disability by reason of any failure to be so registered, licensed or qualified. The Company has not received any notice of any Proceeding concerning any failure to obtain any bank, trust company, broker-dealer,
commodity broker-dealer, commodity pool operator, commodity trading advisor, real estate broker, insurance company, insurance broker or transfer agent registration, license or qualification. 

(e) Neither the Company nor any “affiliated person” (as defined in the Advisers Act) of the Company is ineligible pursuant to
Section 203 of the Advisers Act to serve as a registered investment adviser or “associated person” (as defined in the Advisers Act) of a registered investment adviser, nor is there any Proceeding pending or, to the Knowledge of the
Company, threatened by any Governmental Authority which would result in the ineligibility of the Company or any “affiliated person” to serve in any such capacities. 

(f) Except as set forth on Schedule 4.13(f), none of the Company nor, to the Knowledge of the Company, any Company Fund or any manager,
director, officer or Employee of the Company, is, or has been, (i) subject to any cease and desist, censure or other disciplinary or similar order issued by, (ii) a party to any consent agreement, memorandum of understanding or
disciplinary agreement with, (iii) a party to any commitment letter or similar undertaking to, (iv) subject to any order or directive by, or (v) a recipient of any supervisory letter from, in each case, any Governmental Authority,
and, to the Knowledge of the Company, none of them is threatened with the imposition or receipt of any of the foregoing. 
 (g) Except as
set forth on Schedule 4.13(g), no exemptive orders, “no-action” letters or similar exemptions or regulatory relief have been obtained, nor are any requests pending therefor, by or with respect to the Company, or, to the Knowledge of the
Company, any Company Fund or any manager, director, officer or Employee of the Company in connection with the Business. 

  
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 (h) Except as set forth on Schedule 4.13(h), to the extent required by applicable Law, the
Company has, since the Company’s inception, implemented one or more formal codes of ethics, insider trading policies, personal trading policies, compliance manual and other policies required by applicable Law. Such codes of ethics and policies
comply with applicable Law in all material respects. To the Knowledge of the Company, since the Company’s inception there have been no violations of the Company’s code of ethics, insider trading policies, personal trading policies,
compliance manual and other policies required by applicable Law. 
 (i) Since the Company’s inception, the Company has complied with
all applicable Laws regarding privacy of clients and other Persons in all material respects and has established policies and procedures in this regard reasonably designed to ensure compliance with applicable Law. 

(j) To the extent required by Law or by contract, the Company and each Company Fund has adopted “know your customer” and anti-money
laundering programs and reporting procedures, and procedures for detecting and identifying money laundering, and in each case, have complied in all material respects with the terms of such programs and procedures. Prior to the acceptance of any
subscription agreement from any investor in any Company Fund, the Company has confirmed that such investor is not identified on the U.S. Department of Treasury Office of Foreign Control (“OFAC”) list of Specially Designated
Nationals and Blocked Persons (the “SDN List”) or otherwise subject to sanctions administered by OFAC or owned or controlled by or acting on behalf of any Person listed on the SDN List. Neither the Company nor any of the Company
Funds has been subject to any enforcement or supervisory action by any Governmental Authority because such procedures were considered to be inadequate by such regulator. 

(k) Since the Company’s inception, the Company and, to the Knowledge of the Company, none of the managers, directors, officers or
Employees of the Company: (i) has been indicted for or convicted of any felony or any crime involving fraud, misrepresentation or insider trading, (ii) is subject to any outstanding Order barring, suspending or otherwise materially
limiting the right of such Person to engage in any activity conducted as part of the Business, (iii) is the subject of any on-going investigation by any Governmental Authority materially affecting such Person’s ability to conduct any
activity conducted as part of the Business, or (iv) been denied any Permit materially affecting such Person’s ability to conduct any activity conducted as part of the Business. 

(l) The Company has not, and, to the Knowledge of the Company, no manager, director, officer or Employee of the Company has, taken any action
which would cause it to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. There is not now, and there has never been, any employment by the Company of, or any beneficial ownership in
the Company by, any governmental or political official in any country in the world. Neither the Company nor, to the Knowledge of the Company, any Employee, officer or director of the Company, has (i) made, offered to make or promised to make
any payments of money or other thing of value to any governmental or political official, (ii) been party to the establishment or maintenance of any unlawful or unrecorded fund of monies or other assets or (iii) been party to the making of
any false or fictitious entries in the books or records of the Company. 

  
 23 

 (m) To the Knowledge of the Company, no intermediary, placement agent, distributor or solicitor
has unlawfully marketed any of the services of the Company or unlawfully marketed or sold any interest in any Company Fund, and as of the date hereof no claims have been asserted in writing against the Company with respect to such marketing or sale.

 (n) At all times: 

(i) The Company maintained disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
sufficient to ensure that information relating to the Company that is material to the Company would be made known to the principal executive officer and principal financial officer of the Company by others within the Company. 

(ii) The Company maintained internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes. 

(iii) There were no significant deficiencies or material weaknesses in the design or operation of the Company’s internal
control over financial reporting which would have been reasonably likely to adversely affect the Company’s ability to record, process, summarize, and report financial information, including financial information regarding the Company that is
material to the Company. 
 (iv) There has been no fraud relating to the Company, whether or not material, involving
management or other Employees who had a significant role in the Company’s internal controls over financial reporting. 

(o) The Company has at all times complied, and is in compliance, in all material respects with the Retention Undertaking. 

(p) No “Bad Actor” disqualifying event described in Rule 506(d)(1)(i) to (viii) of the Securities Act (a
“Disqualification Event”) is applicable to the Company or any Company Fund or, to the Knowledge of the Company, any officer, employee, director, partner or member of the Company or any Company Fund, except for a Disqualification
Event as to which Rule 506(d)(2)(ii-v) or (d)(3) is applicable. 
 Section 4.14 Company Funds. 

(a) Schedule 4.14(a) sets forth a true, correct and complete list of each Company Fund as of the date hereof, together with the
jurisdiction of formation of each Company Fund. Except as set forth on Schedule 4.14(a), there is no other investment fund or other investment vehicle (including any corporation, general or limited partnership, limited liability company, account or
trust and whether or not dedicated to a single investor) (a) that is sponsored or Controlled by the Company, (b) for which the Company acts as collateral manager, investment adviser, investment sub-adviser, general partner, managing
member, manager, administrator or in any similar capacity, or (c) from which the Company receives, directly or indirectly, management fees, Performance Amounts or any similar fees or amounts. To the Knowledge of the Company, each Company Fund
has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its organization and has all 

  
 24 

 
requisite corporate, partnership, limited liability company, or similar power and authority. To the Knowledge of the Company, each Company Fund has the requisite power and authority to carry on
its business and to own, lease and operate all of its properties and assets, as currently conducted, owned, leased or operated. To the Knowledge of the Company, each Company Fund is duly qualified, licensed or registered to do business in each
jurisdiction where it is required to do so under applicable Law, except where the failure to be so qualified, licensed or registered would not be material. Except as set forth on Schedule 4.14(a), to the Knowledge of the Company, no Company
Fund is, or at any time since its inception was, required to register as an investment company under the Investment Company Act. 
 (b) The
Company has made available to Buyer true, correct and complete copies of the Fund Documentation of each Company Fund. 
 (c) Schedule
4.14(c) sets forth all of the issued and outstanding notes of each of the Company Funds, together with a separate listing of all of the securities in each Company Fund owned directly by the Company (such securities, the “Company Owned
Securities”). Except for 250 registered ordinary shares owned by Appleby Trust (Cayman) Ltd. and as set forth on Schedule 4.14(c), there are no other debt or equity securities of any Company Fund. There are no issued or outstanding
Equity Rights in any Company Fund. To the Knowledge of the Company, all of the notes of the Company Funds have been duly authorized and validly issued, are fully paid and non-assessable, have been offered, sold and delivered by each Company Fund in
compliance in all material respects with applicable securities and other applicable Laws and Contracts and have not been issued in violation of any Equity Rights. Since the inception of each Company Fund, there have been no disputes regarding the
ownership of the Company Owned Securities or the right of the Company to receive distributions in respect thereof and there are no circumstances likely to give rise to any such dispute. 

(d) Each Collateral Management Agreement is in full force and effect. None of the Company or, to the Knowledge of the Company, any Company
Fund is in breach of any of its obligations under its applicable Collateral Management Agreement. 
 (e) To the Knowledge of the Company,
each Company Fund has all material Permits required by applicable Law and has been operated in material compliance with (i) all Organizational Documents and Contracts to which it is a party and (ii) its respective Indenture and all
applicable Law. 
 (f) Except as disclosed on Schedule 4.14(f), to the Knowledge of the Company, each Company Fund is in compliance
with the requirements of the private placement exemption in Section 4(a)(2) of the Securities Act of 1933, as amended (including all rules and regulations promulgated thereunder, the “Securities Act”), the requirements of Rule
506 under the Securities Act, and all applicable state laws and regulations in connection with its offering of securities. To the Knowledge of the Company, each of the Company Funds is in compliance in all material respects with all applicable state
laws and regulations in connection with its offers and sales of securities. To the Knowledge of the Company, each of the Company Funds has made all filings required to be made with each other jurisdiction in which it has offered and sold securities.

  
 25 

 (g) [Reserved]. 

(h) [Reserved]. 
 (i) Neither
the Company nor any manager, director, officer or Employee of the Company has received any fees, commissions or financial benefits (directly or indirectly) from or in respect of or in connection with any Company Fund, except in accordance with, and
as disclosed in, the relevant Collateral Management Agreement and Fund Documentation. Except as otherwise set forth on Schedule 4.14(i), neither the Company nor, to the Knowledge of the Company, any Company Fund is party to any Contract under
which it pays or receives any (i) rebate or commission payable to a broker, solicitor, or placement agent, or (ii) other financial inducement to direct business or otherwise 

(j) [Reserved]. 
 (k) Except as
set forth on Schedule 4.14(k), all obligations of the Company and, to the Knowledge of the Company, each Company Fund owed to any clearing firm have been fulfilled, and neither the Company nor, to the Knowledge of the Company, any Company
Fund has received any notice, claim, or demand from any clearing firm with respect to any unpaid liabilities or unmet obligations. 
 (l)
All information in the offering memoranda relating to the Company under the headings “The Collateral Manager”, “Risk Factors – Certain Conflicts of Interest Relating to the Collateral Manager”, any other risk factors
directly relating to the Company or its conflicts of interest or similar headings containing information directly relating to the Company (each “Offering Materials”) did not contain any untrue statement of a material fact, or omit
to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. The Company has made available to Buyer true, correct and complete copies of the final offering
memoranda for each Company Fund. 
 (m) The Company maintains in all material respects the following records (the
“Records”): all documentation necessary to form the basis for, demonstrate, or recreate the calculation of the performance or rate of return of each of the Company Funds and included by the Company or Company Funds in each
performance composite presently maintained by the Company or Company Funds (each, a “Performance Composite”), and any other accounts with the same or similar strategy to those in the Performance Composites, as required by the
Advisers Act and rules and regulations thereunder (collectively, the “Records Requirements”). The Records are true, correct and complete in all material respects, and include all documents or records that form the basis for,
demonstrate, or recreate the calculation of the performance rate of return of all accounts in each Performance Composite and any other accounts with the same or similar strategy to those in the Performance Composites, including records with respect
to performance that was produced by any Employee or officer of the Company or Company Fund at a prior firm, as required by the Records Requirements. 

(n) [Reserved]. 

  
 26 

 (o) Except as set forth on Schedule 4.14(o), there has been no Cause Event (each as
defined in the applicable collateral management agreement of the Company Fund) or event which, with the passage of time or giving of notice thereof, would cause any such Cause Event under the applicable collateral management agreement. There has
been no Event of Default (each as defined in the applicable Indenture of the Company Fund) or event which, with the passage of time or giving of notice thereof, would cause any such Event of Default under the applicable Indenture. 

(p) Except as set forth on Schedule 4.14(p), to the Knowledge of the Seller, no Company Fund is required to obtain any Consent in
connection with the Transactions other than those consents, waivers, approvals, filings, notifications and registrations, the failure of which being obtained or made would not, individually or in the aggregate, reasonably be expected to be
materially adverse to the Company Fund. 
 (q) Except as set forth on Schedule 4.14(q), to the Knowledge of the Company, the
consummation of the Transactions will not conflict with, result in a termination of, contravene or constitute a default under, or be an event that with the giving of notice or passage of time or both will become a default under, or give to any other
Person any right of termination, payment, acceleration, vesting or cancellation of or under, or accelerate the performance required by or maturity of, or result in the creation of any Encumbrance or loss of any rights of any Company Fund pursuant to
any of the terms, conditions or provisions of or under (a) any applicable Law or Order, (b) the Organizational Documents of any Company Fund, or (c) any Contract, Plan or other instrument binding upon any Company Fund or to which the
property or assets of any Company Fund is subject, except, in the case of clauses (a) and (c), for any violation, breach, conflict, default or right of termination, cancellation, redemption, payment or acceleration that would not reasonably be
expected to be material to the Company or any Company Fund. 
 (r) Based solely upon information provided to the Company by the trustee of
the applicable Company Fund, Schedule 4.14(r) contains a true, correct, and complete list of all banks or savings and loan associations, or commodities or securities firms, or other financial institutions in which a Company Fund has an
account or safe deposit box, the numbers of each such account or box, and the names of all Persons having power to borrow, discount debt obligations, cash or draw checks, enter boxes, sell or buy securities, or otherwise act on behalf of any Company
Fund in any dealings with such banks or savings and loan association, or commodities or securities firm. 
 (s) Except as set forth on
Schedule 4.14(t), to the Knowledge of the Company, there are no past, pending or, threatened in writing Proceedings involving or concerning any Company Fund or written correspondence from any subordinated noteholder of any Company Fund
regarding or alleging a breach of contract, obligation or duty by any Company Fund or any complaint regarding any change in the nature of services provided by the Company or any Company Fund. 

(t) The Company has made available to Buyer copies of all written correspondence between any subordinated noteholder of any Company Fund, on
the one hand, and each Company Fund and/or the Company, on the other hand, since June 1, 2015. 

  
 27 

 (u) Except as otherwise set forth on Schedule 4.14(u), there is not any agreement between
a Company Fund, on the one hand, and any Related Party on the other hand. 
 (p) There has been no fraud relating to the Company Funds,
whether or not material, involving management or other Employees who had a significant role in any Company Fund’s internal controls over financial reporting. 

Section 4.15 Assets Under Management. 

(a) Schedule 4.15(a) sets forth for each Company Fund, as of June 23, 2017, the aggregate of the Market Values for the assets
owned by each Company Fund, which Market Values were prepared in accordance with GAAP, consistently applied, and the Organizational Documents of the applicable Company Fund. 

(b) Schedule 4.15(b) sets forth a true, correct, and complete list of all material Contracts relating to or affecting each Company Fund
that provides for or that otherwise has the effect of establishing rights under, or altering or supplementing the terms of any Indenture, Collateral Management Agreement or Fund Documentation of such Company Fund (the “Side
Letters”), reflecting all amendments, modifications and supplements thereto. True, correct, and complete copies of each Side Letter have been made available to Buyer prior to the Closing Date. To the Knowledge of the Company, each of the
Side Letters is a valid and binding obligation of the parties thereto, except as enforcement may be limited by the Bankruptcy and Equity Exception. To the Knowledge of the Company, no Company Fund or any other party thereto: (i) has terminated,
canceled or substantially modified, or threatened to terminate, cancel or substantially modify, any Side Letter (except for modifications disclosed in Schedule 4.15(b)) or (ii) is in default in any material respect under any Side
Letter. To the Knowledge of the Company, no Company Fund has received any written notice of any default under any Side Letter that remains outstanding or unresolved. 

(c) To the Knowledge of the Company, all Contracts of each Company Fund are valid and binding on the applicable Company Fund and in full force
and effect, and are enforceable against the Company Fund and each other party thereto in accordance with its terms except as may be limited by the Bankruptcy and Equity Exception. To the Knowledge of the Company, there are no existing material
defaults of a Company Fund or any other party thereto under any Contract of a Company Fund. To the Knowledge of the Company, all Contracts of each Company Fund have been performed by the applicable Company Fund in accordance with their terms and
applicable Law in all material respects. The Company has not received written notice from any party of any default of any Company Fund with respect to any Contract of a Company Fund, or of such party’s intent to cancel or terminate any Contract
of a Company Fund. 
 (d) Except as disclosed on Schedule 4.15(d), no investor in any Company Fund has, to the Knowledge of the
Company, as of the date of this Agreement, provided written notice to the Company of its termination or reduction of its investment relationship with the Company or any Company Fund. 

  
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 (e) No portion of the assets of any client is subject to (or with respect to any Company Fund
has, at any time from the date of organization of such Company Fund, been subject to) Title I of ERISA, Section 4975 of the Code or any law, rule or regulation substantially similar to Title I of ERISA or Section 4975 of the Code. 

(f) No Company Fund has otherwise engaged in any transaction that is a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or any applicable law, rule or regulation substantially similar to Section 406 of ERISA or Section 4975 of the Code. 

Section 4.16 Taxes. 

(a) Each of the Company and the Company Funds has (i) duly and timely filed with the appropriate Taxing Authority all Tax Returns
required to be filed by it, and all such Tax Returns are true, correct and complete in all material respects and (ii) timely paid in full all Taxes required to be paid by it or claimed to be due by any Taxing Authority. 

(b) There are no Encumbrances for Taxes upon the assets or properties of the Company or of any Company Fund. There are no outstanding waivers
or comparable consents regarding the application of the statute of limitations with respect to any Taxes or Tax Returns of the Company or of any Company Fund. 

(c) Neither the Company nor any Company Fund is a party to, is bound by, or has any obligation under, any Tax Sharing Agreement. 

(d) All Taxes of the Company and each Company Fund that were not due and payable as of the date of the Most Recent Balance Sheet have been
fully accrued on the Most Recent Balance Sheet in all material respects. Since the date of the Most Recent Balance Sheet, neither the Company nor any Company Fund has incurred any liability for Taxes other than in the ordinary course of business
consistent in nature and amount with past practice. 
 (e) The Company and each Company Fund has made available to the Buyer true, correct
and complete copies of the Tax Returns of the Company and each Company Fund (including any amendments thereto) filed on or prior to the date hereof for each taxable year beginning on or after January 1, 2014. 

(f) The Company and each Company Fund has complied in all respects with (i) all applicable Laws relating to the payment and withholding
of Taxes and has, within the time and manner prescribed by Law, withheld and paid over to the proper Taxing Authority all amounts required to be withheld and paid over under all applicable Laws and (ii) all Tax information reporting, collection
and retention provisions of applicable Laws, including maintenance of required records with respect thereto, in connection with amounts paid or owing to any Employee, creditor, independent contractor or other third party for all periods for which
the statute of limitations has not expired. 
 (g) Since its formation, each of the Company and each Company Fund is or has been classified
for U.S. federal income tax purposes as set forth on Schedule 4.16(g). Neither the Company nor any Company Fund that is treated or has been classified as a partnership for U.S. federal income tax purposes is or has been treated at any time
since its formation as a publicly traded partnership within the meaning of Section 7704 of the Code 

  
 29 

 (h) Neither the Company nor any Company Fund has participated in a listed transaction within the
meaning of Treasury Regulations Section 1.6011-4(b)(2). 
 Section 4.17 Benefit Plans; Employees. 

(a) The Company does not have, and has not had, any “employee benefit plan” within the meaning of Section 3(3) of ERISA
(whether or not subject to ERISA) or any written or unwritten bonus, deferred compensation, incentive compensation, vacation, sick leave, stock purchase, stock option, stock appreciation right or other equity-based incentive (including phantom
equity), severance, termination, change in control, retention, employment, consulting, hospitalization or other medical, life or insurance, disability, other welfare, scholarship or tuition reimbursement, fringe benefit, supplemental unemployment
benefits, profit-sharing, pension, or retirement plan, program, agreement, payroll practice, commitment or arrangement, or any other Employee compensation or benefit plan, program, agreement, payroll practice, commitment or arrangement, sponsored,
maintained or contributed to by either the Company or by any trade or business, whether or not incorporated, that together with the Company would be deemed a “single employer” under Section 414 of the Code (an “ERISA
Affiliate”) for the benefit of any current or former Employee or current or former director of the Company or any ERISA Affiliate or with respect to which the Company has or could reasonably be expected to have any liability (the
“Plans”). A list of the current Employees of the Company as of the date of this Agreement is set forth on Schedule 4.17. 

(b) As of the Closing Date, the Company will not have any Employees nor will it have any Liabilities related to any Employee or any Plan,
including any obligations pursuant to any severance agreement, arrangement or amounts due to any Employee. Neither the Company nor any ERISA Affiliate has ever maintained, sponsored, contributed to, or had any obligation to contribute to, nor
otherwise has any current or potential Liability under or with respect to, any plan subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code. 

Section 4.18 Intellectual Property and Information Technology. Schedule 4.18 sets forth a true, correct, and complete list
of all of the Company’s U.S. and foreign (i) issued patents and patent applications, (ii) trademark registrations and applications and material unregistered trademarks, (iii) copyright registrations and applications and material
unregistered copyrights, and (iii) design registrations and applications and material unregistered designs. Immediately following the consummation of the Transactions, the Company will be the sole and exclusive beneficial and record owner of
all of the Intellectual Property registrations and applications set forth in Schedule 4.18, and all such Intellectual Property is valid and enforceable. To the Knowledge of the Company, the Business as currently conducted does not require or
use any Intellectual Property not owned by or licensed pursuant to a valid and enforceable license to, or with otherwise good title to, the Company. To the Knowledge of the Company, neither the Intellectual Property owned by the Company nor the
conduct of the Business as currently conducted infringes, misappropriates, or otherwise violates any Person’s Intellectual Property rights, nor has any Person given notice to the Company to the contrary. 

  
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 Section 4.19 Insurance. Each insurance policy of the Company and each Company Fund is
set forth on Schedule 4.19. True, correct and complete copies of such insurance policies have been made available to Buyer. All such policies are in full force and effect, all premiums due and payable thereunder have been paid, and no written
notice of cancellation or termination has been received with respect to any such policy and, to the Knowledge of the Company, there exists no event, occurrence, condition or act (including the Transactions) that, with the giving of notice, the lapse
of time or the happening of any other event or condition, would entitle any insurer to terminate or cancel any such policies. The Company and the Company Funds, as applicable, have complied with the terms and provisions of such policies and bonds in
all material respects. There are no pending insurance claims for the Company and the Company Funds. 
 Section 4.20 [Reserved].

 Section 4.21 Reporting. Each report required to be delivered pursuant to the Indentures, including each Monthly Report and
each Distribution Report, is true, correct and complete in all material respects and prepared in accordance with the requirements of the related Indenture in all material respects and fairly presents in all material respects the applicable Company
Fund’s investment positions and performance as of the applicable date. Seller has provided Buyer with access to (i) the Company’s online portal that discloses historical Monthly Reports and Distribution Reports and (ii) the full
loan tapes in respect of all of the Loan Assets of each Company Fund as of the end of the trading day immediately prior to the date hereof, and such loan tapes are true, correct and complete in all material respects and the same data used by the
Company to prepare each such Monthly Report and Distribution Report. 
 Section 4.22 Brokers and Finders. Except for Natixis, no
agent, broker, Person, financial advisor or other intermediary, in each case acting on behalf of the Company is, or will be, entitled to any broker’s commission, finder’s fees or similar payment from any of the Parties, or from any
Affiliate of any of the Parties, in connection with the Transactions. Any such commission, fee or payment owed to Natixis shall be solely the responsibility of Seller and not the Company. 

Section 4.23 Disclaimer. Except for the representations and warranties of Seller contained in Article III and Article IV or in any
certificates delivered at Closing, neither Seller nor the Company nor any of their representatives make any representation or warranty, express or implied, at law or in equity, and any such other representation or warranty is hereby disclaimed. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer hereby represents and warrants to Seller as follows: 

Section 5.1 Organization. Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware. 

  
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 Section 5.2 Authority; No Violations. 

(a) Buyer has full power and authority to execute and deliver this Agreement and to perform Buyer’s obligations hereunder, and the
execution, delivery and performance by Buyer of this Agreement has been duly authorized by all necessary corporate or other similar action on the part of Buyer. This Agreement constitutes a valid and legally binding obligation of Buyer, enforceable
against Buyer in accordance with its terms, except as limited by the Bankruptcy and Equity Exception. 
 (b) Neither the execution, delivery
and performance of this Agreement by Buyer, nor the consummation by Buyer of the Transactions, or compliance by Buyer with any of the terms or provisions hereof or performance of its obligations hereunder will, with or without the giving of notice,
the termination of any grace period or both: (i) violate, conflict with, or result in a breach or default under any provision of the Organizational Documents of Buyer; (ii) violate any applicable Law; (iii) require any Consent to be
made or obtained by Buyer; (iv) result in a violation or breach by Buyer of, conflict with, result in a termination of, contravene or constitute or will constitute (with or without due notice or lapse of time or both) a default (or give rise to
any right of termination, cancellation, payment or acceleration) under any of the terms, conditions or provisions of any Contract or other instrument or obligation to which Buyer is a party, or by which Buyer or any of its properties or assets may
be bound; or (v) result in the creation of any Encumbrance upon Buyer’s properties or assets, in each case of clauses (i) through (iv), as would not, individually or in the aggregate, reasonably be expected to materially impair or
delay Buyer’s ability to promptly perform its obligations hereunder or under any of the Ancillary Agreements. There is no Proceeding pending or, to the knowledge of Buyer, threatened, against Buyer that, individually or in the aggregate, would
reasonably be expected to prevent or materially impair or delay the ability of Buyer to perform its obligations hereunder on a timely basis. 

Section 5.3 Purchase for Own Account. The Purchased Interests are being acquired for investment for Buyer’s own account, not
as a nominee or agent, and not with a view to the public resale or distribution thereof in violation of federal or state securities Laws and with no present intention of distributing or reselling any part thereof. Buyer has, or has access to, the
financial resources with which to meet its obligations under this Agreement. 
 Section 5.4 Investment Experience. Buyer
understands that the purchase of the Purchased Interests involves substantial risk. Buyer has experience as an investor in securities of companies and acknowledges that it can bear the economic risk of its investment in the Purchased Interests and
has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of this investment in the Purchased Interests and protecting its own interests in connection with such investment. 

Section 5.5 Investor Suitability. Buyer is an “accredited investor” as such term is defined in Rule 501 under the
Securities Act. 
 Section 5.6 Acknowledgements. Buyer understands and acknowledges that the offering and sale of the Purchased
Interests pursuant to this Agreement will not be registered under the Securities Act on the grounds that the offering and sale of securities contemplated by this Agreement are exempt from registration pursuant to Section 4(a)(2) of the
Securities Act and Regulation D (or Rule 701 promulgated under the Securities Act, as applicable). 

  
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 Section 5.7 Brokers and Finders. Except for GreensLedge Capital Markets LLC, no
agent, broker, Person, financial advisor or other intermediary, in each case acting on behalf of the Buyer is, or will be, entitled to any broker’s commission, finder’s fees or similar payment from any of the Parties, or from any Affiliate
of any of the Parties, in connection with the Transactions. Any such commission, fee or payment owed to GreensLedge Capital Markets LLC shall be solely the responsibility of Buyer. 

Section 5.8 Disclaimer. Except for the representations and warranties of Buyer contained in this Article V or in any certificates
delivered at Closing, neither Buyer nor any of its representatives makes any representation or warranty, express or implied, at law or in equity, and any such other representation or warranty is hereby disclaimed. 

ARTICLE VI 
 COVENANTS

 Section 6.1 Termination of Letter of Intent and Confidentiality Agreement. The Parties agree that the Letter of
Intent shall terminate upon execution of this Agreement, and the Confidentiality Agreement shall terminate at the Closing. 

Section 6.2 Confidentiality. Until the fifth anniversary of the Closing, Seller shall hold and shall cause each of its Affiliates
to hold, and each such Person shall use its reasonable efforts to cause its respective members, managers, directors, officers, employees, accountants, counsel, consultants, advisors and agents (the “Confidentiality Representatives”)
to hold, in confidence, unless compelled to disclose by judicial or administrative process, Order or by other requirements of Law, all non-public documents and information concerning the Company and Company Funds, except (a) such information
that is generally available to and known by the public through no fault of Seller, any of its Affiliates or their respective Confidentiality Representatives; (b) such information that is lawfully acquired by Seller, any of its Affiliates or
their respective Confidentiality Representatives from and after the Closing from sources which are not known by such recipient to be prohibited from disclosing such information by a legal, contractual or fiduciary obligation; (c) such
information that Seller can establish by reasonable evidence is independently developed by Seller or any Affiliate thereof without reference to or reliance upon non-confidential information or (d) for purposes of enforcing Seller’s and its
Affiliates’ rights under this Agreement or otherwise in connection with any dispute relating thereto. If Seller or any of its Affiliates or their respective Confidentiality Representatives are compelled to disclose any information by judicial
or administrative process or by other requirements of Law, Seller, to the extent permissible under applicable Law, shall promptly notify Buyer in writing and shall disclose only that portion of such information which Seller is advised by its counsel
in writing is legally required to be disclosed, provided that Seller shall, if requested by Buyer and at Buyer’s sole expense, use reasonable best efforts to obtain an appropriate protective order or other reasonable
assurance that confidential treatment will be accorded such information. 
 Section 6.3 Announcement. Except as otherwise
required pursuant to applicable Law, the Parties hereby agree, and agree to cause their respective Affiliates and such Party’s and its Affiliates’ respective managers, directors, officers, Employees and agents, not to, issue any press
release or similar announcement announcing the Transactions without the prior 

  
 33 

 
written consent of the other Parties, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that with respect to any notice which is required
pursuant to applicable Law, the Party proposing to issue any press release or similar public announcement or communication in compliance with any such requirement shall use commercially reasonable efforts to consult in good faith with the other
Parties before doing so (to the extent permissible under applicable Law); provided, further, that nothing herein shall limit Seller and the Company and/or their representatives from making or transmitting any announcement regarding the
Transactions to their clients, investors and service providers, including for the purposes of obtaining any Consents. 
 Section 6.4
Expenses. Each Party shall bear its own direct and indirect Transaction Expenses. 
 Section 6.5 Further Assurances.
Subject to the terms and conditions of this Agreement, each Party agrees to execute such documents and other papers and use its reasonable efforts to perform or cause to be performed such further acts as may be reasonably required to carry out the
provisions contained in this Agreement and the Ancillary Agreements, including (a) preparing and filing as promptly as practicable with any Governmental Authority or other third party all documentation to effect all necessary filings, notices,
petitions, statements, registrations, submissions of information, applications and other documents, (b) obtaining and maintaining all Consents required to be obtained from any Governmental Authority or other Person that are necessary, proper or
advisable to consummate the Transactions, (c) cooperating and assisting in the prompt transitioning of the management of the Company Funds, and (d) providing to Wells Fargo Bank, N.A. the supplementary information that the Company has
agreed to provide to Wells Fargo Bank, N.A. in order for Wells Fargo Bank, N.A. to adequately prepare its quarterly special report. Following the Closing, upon the reasonable request of any Party, the other Party agrees to (x) promptly execute
and deliver such further instruments of assignment, transfer, conveyance, endorsement, direction or authorization and other documents as may be reasonably requested to effectuate the purposes of this Agreement and the Ancillary Agreements, and
(y) cooperating and assisting in the prompt transitioning of the management of the Funds. To the extent that action or lack of action on the part of an Affiliate of a Party is necessary in order for such Party to fulfill any of its obligations
under this Agreement or any of the Ancillary Agreements, then each of the foregoing obligations shall be deemed to include an undertaking on the part of such Party to cause such Affiliate to take, or prevent such Affiliate from taking, such
necessary action. 
 Section 6.6 Interim Covenants. During the period between the date of this Agreement and the Closing Date,
other than (i) as expressly contemplated by this Agreement, or (ii) as consented to in writing by Buyer: 
 (a) Seller shall
(i) cause the Company and, to the extent within the control of the Company under the related Collateral Management Agreement, and the Company Funds to (A) be operated in the ordinary course consistent with past practice, (B) maintain
and preserve intact the current organization, business and assets of the Company and the Company Funds, (C) use commercially reasonable efforts to maintain and preserve intact its current relationships with its Clients and other Persons with
which the Company and the Company Funds have business relationships, (D) comply in all material respects with all applicable Laws and Contracts (including the Organizational Documents of the Company and the Company Funds), and (ii) not
transfer, sell or assign, or permit to be subject to any Encumbrance (other than a Permitted Encumbrance) any of the Purchased Interests; 

  
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 (b) without limiting the generality of the foregoing, Seller shall not, and shall cause the
Company not to: 
 (i) amend any Organizational Documents of the Company or otherwise change or modify the investment
program, process or guidelines of any Company Fund or fail to comply therewith, in each case in any material respect; 
 (ii)
purchase or redeem or otherwise acquire any interests in the Company, or make any distribution to its members or with respect to their ownership interests; 

(iii) acquire any business or Person (or any interest therein), by merger or consolidation, purchase of substantial assets or
equity interests or otherwise; 
 (iv) enter into any limited liability company agreement, joint venture, partnership,
strategic alliance, stockholders’ agreement, co-marketing, co-promotion, joint development or similar arrangement; 

(v) pay, discharge, settle or satisfy any claims, Liabilities or obligations in excess of $10,000 individually or $25,000 in
the aggregate, except (i) in the ordinary course of business consistent in nature and amount with past practice, (ii) as otherwise contemplated by this Agreement, or (iii) other than payments of interest or principal to the Credit
Parties, or payments of other obligations of the Company, in each case under the Credit Agreement; 
 (vi) sell, transfer,
assign, convey, lease, license, mortgage, pledge or otherwise subject to any Encumbrance (other than any Permitted Encumbrance) any of their material properties or assets, tangible or intangible, except (i) in the ordinary course of business
consistent in nature and amount with past practice, or (ii) as otherwise contemplated by this Agreement; 
 (vii) incur,
assume or guarantee (including by way of any agreement to “keep well” or of any similar arrangement) any Indebtedness except in the ordinary course of business consistent in nature and amount with past practice (which Indebtedness, for the
avoidance of doubt, will be subject to satisfaction at or prior to the Closing, except as explicitly set forth in Schedule 6.6(b)(vii)); 

(viii) change any accounting principle, method or practice (including any principles, methods or practices relating to the
estimation of reserves or other Liabilities) in any material respect; 
 (ix) make or incur any capital expenditure or other
financial commitment requiring payments in any fiscal year in excess of $10,000 in the aggregate; 

  
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 (x) make, change or revoke any Tax election or settle or compromise any Tax item;
change any method of Tax accounting; prepare any Tax Returns in a manner that is inconsistent with its past practice with respect to the treatment of items on such Tax Returns; file an amended Tax Return or a claim for refund of Taxes with respect
to its income, operations or property; or consent to any extension or waiver of the statute of limitations period; 
 (xi)
conduct billing and cash management customs and practices (including the collection of receivables and payment of payables) other than in the ordinary course of business consistent with past practice; 

(xii) fail to pay any creditors in accordance with their respective credit terms or (if no stated terms) within the time
periods applicable to such creditors in the ordinary course of business consistent with past practice; 
 (xiii) make or
effect any loan or advance or other extension of credit to, or an equity investment in, any other Person, or 
 (xiv) enter
into any Contract or letter of intent with respect to (whether or not binding), or otherwise commit or agree, whether or not in writing, to do any of the foregoing; 

(c) without limiting the generality of the foregoing, Seller shall not (unless consented to in writing by the Buyer (which consent shall not
be unreasonably withheld or delayed), and shall not permit the Company to cause any Company Fund to, acquire, sell or otherwise dispose of any asset of such Company Fund if after giving effect to such acquisition, sale or disposition, each Coverage
Test, each Collateral Quality Test and each of the Concentration Limitations (as each such term is defined in the applicable Indenture) will not be maintained or improved unless otherwise required by the applicable Indenture or any applicable Law.
Seller shall use commercially reasonable efforts to satisfy or cause to satisfy all of the conditions and obligations applicable to it set forth in Sections 8.1 and 8.2 of this Agreement, provided that Seller shall not be required to incur any
expenses (other than reasonable attorney fees, postage and similar expenses) or Liabilities in connection with obtaining the Required Consents; and 

(d) without limiting the generality of the foregoing, Seller shall, and shall cause the Company to: 

(i) duly perform its duties, services and obligations under the Company Contracts and manage the assets of each Company Fund in
compliance with the related Indentures and in a manner consistent with the standard of care set forth in each of the Collateral Management Agreements; 

(ii) in respect of acquisitions, sales and other dispositions of assets relating to each Company Fund, comply with the terms,
requirements and limitations set forth in the applicable Indentures; and 

  
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 (iii) disclose to Buyer all actions taken with respect to assets held by a
Company Fund and any material investor and rating agency communications and disclose to Buyer any action taken that does not maintain or improve any Coverage Test, Collateral Quality Test or Concentration Limitation (as each such term is defined in
the applicable Indenture) with respect to a Company Fund. 
 Section 6.7 Access to Information. 

(a) From the date hereof until the Closing Date, Seller shall cause the Company to afford the managers, directors, officers, Employees,
auditors, attorneys and other agents and advisors of Buyer reasonable access during normal business hours to the managers, directors, officers, Employees, auditors, attorneys and other agents and advisors, of the Company and its books and records,
and shall furnish Buyer with such financial, operating and other data, agreements and information with respect to the Business, as Buyer, through its managers, directors, officers, Employees, auditors, attorneys or agents and other advisors, may
reasonably request. 
 (b) From the date hereof until the Closing Date, Seller shall provide (i) on a monthly basis promptly as they
become available copies of all regularly prepared monthly financial statements and reports of the Company and (ii) no less than five (5) Business Days prior to use, copies of any presentation to be made by the Company to any investor or
prospective investor in any Company Fund, any rating agency or any investment analyst. Seller will give Buyer no less than five (5) Business Days prior written notice of any meeting or other presentation to any rating agency or investment
analyst prior to Closing, and upon request of Buyer, shall permit senior personnel of Buyer to attend such meeting or presentation as an observer subject to the consent of the rating agency or investment analyst. 

Section 6.8 Exclusivity. During the period from the date hereof continuing through the Closing, Seller shall not, and Seller shall
cause the Company and their respective Affiliates and representatives not to, directly or indirectly, encourage, initiate, solicit or engage in discussions or negotiations with, or provide any information to, any Person, other than Buyer (and its
Affiliates and representatives), concerning any acquisition by such Person of any assets or any ownership interests in the Company or any issuance of ownership interests of the Company or any merger, asset sale, recapitalization or similar
transaction involving the Company or any Company Fund, or replacement of the Company as the investment advisor, investment sub-advisor, general partner, managing member, manager or administrator to any of the Company Funds. Seller shall notify Buyer
as soon as practicable if any Person makes any written proposal, offer, inquiry to, or contact with Seller, the Company or any Affiliate, as the case may be, with respect to the foregoing and shall describe in reasonable detail the identity of any
such Person and the substance and material terms of any such contact and the material terms of any such proposal. 
 Section 6.9
Notification of Certain Matters. Between the date hereof and the Closing Date: 
 (a) Seller shall give prompt notice to Buyer of
(i) the occurrence or existence of any fact, circumstance or event that would reasonably be expected to prevent or materially delay any condition precedent to any Party’s obligations from being satisfied, (ii) any notice or

  
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other communication from any Governmental Authority with respect to the Transactions or the operation of the Company’s business, or (iii) any notice or other communication from any
Person alleging that the Consent of such Person is or may be required or will not be provided in connection with the Transactions; and 

(b) Unless prohibited by applicable Law, Seller shall make available to Buyer, or cause the Company to make available to Buyer, promptly after
the same become available, true, correct and complete copies of all inspection reports and correspondence and other documents relating to any inquiry or investigation provided to the Company by any Governmental Authority or to a Governmental
Authority by the Company and advise Buyer promptly of any oral communications between the Company and a Governmental Authority not made in the ordinary course of business and, to the extent legally permissible, shall allow Buyer to review and
comment on any contemplated responses to any Governmental Authority prior to the time such responses are delivered. For the avoidance of doubt, Seller shall have no obligation to make available to Buyer any correspondence or other documents by or to
any Governmental Authority that are not related to the Business. 
 Section 6.10 Consents. No later than five (5) Business
Days after the date hereof, Seller shall cause the Company to send a notice in writing (which shall be reasonably satisfactory in form and substance to Buyer) to each Company Fund and take such other actions to comply with, or as may be reasonably
necessary under, applicable Law, Organizational Documents of the Company Funds and under the Company Contracts in respect of the proposed purchase of the Purchased Interests hereunder and to request that any Persons whose Consent is necessary to
consent in writing to the purchase and sale of the Purchased Interests and to effect the intent and purpose of this Agreement. Seller shall, and shall cause the Company to, use their respective commercially reasonable efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to obtain such Consents hereunder. 

Section 6.11 Risk Retention Facility. Between the date hereof and the Closing, Seller shall cause the Company to notify the Credit
Parties of the Transactions and Seller shall, and shall cause the Company to, use their respective commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable
to obtain any consents required from the Credit Parties to effectuate the Transactions, provided, that neither, Seller nor the Company shall be required to incur any expenses (other than reasonable attorney fees, postage and similar expenses) or
Liabilities in connection with obtaining any such consents. 
 Section 6.12 Termination of Intercompany Obligations and
Releases. Between the date hereof and the Closing, Seller shall cause the Company to satisfy in full all of the outstanding intercompany obligations of the Company and Seller shall provide to Buyer executed releases of the issuers or holders of
such intercompany obligations in form and substance reasonably satisfactory to Buyer of any claims all such issuers or holders may have concerning any amounts due or payable by the Company. 

  
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 Section 6.13 Director and Officer Insurance Tail Policy. Prior to the Closing, the
Company shall have obtained a tail D&O insurance policy (the “Tail Policy”) with respect to claims arising out of or relating to events which occurred on or prior to the Closing Date (including in 

connection with the transactions contemplated by this Agreement) with total coverage of at least $5,000,000 and other terms not less favorable than those of
the existing insurance coverage for directors and officers of the Company. Such policy shall be paid in full prior to Closing and provide coverage for a period of 6 years after the Closing. 

Section 6.14 Tax Matters. 

(a) Seller shall timely pay all Transfer Taxes in connection with this Agreement and the transactions contemplated hereby, including any
recording charges. 
 (b) After the Closing, Seller shall prepare or cause to be prepared all Tax Returns required to be filed by, with
respect to or that include the Company with respect to taxable periods of the Company ending on or before the Closing Date, including the portion of any Straddle Period ending on the Closing Date (such period, the “Pre-Closing Tax
Period” and such Tax Returns, the “Pre-Closing Tax Returns”), and such Pre-Closing Tax Returns shall be prepared consistent with past practices and this Agreement, except as otherwise required by applicable Law. Seller
shall file or cause to be filed all Pre-Closing Tax Returns that are required to be filed and Seller shall pay, or cause to be paid, all such Taxes shown as due on such Tax Returns. The costs of preparing such Tax Returns shall be borne by Seller.

 (c) If a claim shall be made by any Governmental Authority regarding Taxes, which, if successful, might result in an indemnity payment
pursuant to Section 7.2, then Buyer shall give notice to Seller in writing of such claim (a “Tax Claim”); provided, however, the failure to give such notice shall not affect the indemnification provided hereunder
except to the extent the indemnifying party has been materially prejudiced as a result of such failure. 
 (i) With respect
to any Tax Claim relating to a tax period that ends on or prior to the Closing Date, Seller, solely at its own cost and expense, may control all proceedings if Seller provides Buyer with notice of its election to control such claim within twenty
(20) days of Buyer notifying Seller of such Tax Claim; provided, however, that Seller must first consult, in good faith with Buyer before taking any action with respect to the conduct of such Tax Claim. If Seller does not elect to
control any such Tax Claim within the time period set forth above, then Buyer shall be entitled to control all aspects of such claim. If the resolution of any Tax Claim for any Pre-Closing Tax Return could reasonably be expected to have an adverse
effect on the party that is not in control of such claim, (A) the party in control of such claim shall keep the other party reasonably informed regarding the progress and substantive aspects of such Tax Claim, (B) the other party shall be
entitled to participate in any proceedings with respect to such Tax Claim and (C) the party in control of such claim shall not compromise or settle any such Tax Claim without obtaining the other party’s prior written consent, which consent
shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary in this Agreement, Buyer shall have the right to exclusively control the conduct of any audit or administrative or judicial proceeding with respect
to the Company for any taxable period ending after the Closing Date. 

  
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 (ii) Seller and Buyer shall reasonably cooperate, and shall cause their
respective Affiliates, officers, Employees, agents, auditors and other representatives to reasonably cooperate, in preparing and filing all Tax Returns and in resolving all disputes and audits with respect to all taxable periods relating to Taxes,
including by maintaining and making available to each other all records necessary in connection with Taxes and making Employees available on a mutually convenient basis to provide additional information or explanation of any material provided
hereunder or to testify at proceedings relating to such Tax Claim. 
 (d) The Parties agree that the purchase by Buyer of the Purchased
Interests from Seller pursuant to this Agreement will be treated for U.S. federal (and applicable state and local) income tax purposes as a sale of the assets of the Company by Seller to Buyer. 

Section 6.15 The Closing Loan Tapes. The Company shall provide Buyer with the full loan tapes in respect of all of the Loan Assets
of each Company Fund as of the end of the trading day immediately prior to the Closing Date, which are, in each case, true, correct and complete in all material respects and prepared in accordance with the principles used to prepare each Monthly
Report and Distribution Report (the “Closing Loan Tapes”). 
 ARTICLE VII 

SURVIVAL; POST-CLOSING OBLIGATIONS 

Section 7.1 Expiration of Representations, Warranties and Covenants. Each representation, warranty, covenant and other agreement
contained in this Agreement shall survive the Closing, provided, however, that all of the representations and warranties of the Parties contained in this Agreement shall terminate and expire, and shall cease to be of any force or effect, on the date
that is twelve (12) months following the Closing Date (except to the extent a claim for indemnification has been made prior to such time for any breach thereof, in which event the representation or warranty and the associated rights of
indemnification shall survive with respect to such claim until such claim has been resolved); provided, that the representations and warranties contained in Section 3.1 (Organization, Etc.), 3.2 (Authority; No Violations),
Section 3.3 (Title), Section 3.6 (Brokers and Finders), Section 4.1 (Organization, Etc.), Section 4.2 (Capital Structure), Section 4.8 (Assets), Section 4.14(a) (Company Funds), Section 4.14(c) (Company Funds),
Section 4.16 (Taxes), Section 4.22 (Brokers and Finders), Section 5.1 (Organization), Section 5.2 (Authority; No Violations) and Section 5.7 (Brokers and Finders) (the “Fundamental Representations”), shall
survive until December 20, 2019, except to the extent a claim for indemnification has been made prior to such time for any breach thereof, in which event the representation or warranty and the associated rights of indemnification shall survive
with respect to such claim until such claim has been resolved. 

  
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 Section 7.2 Result of Breach of Representation or Warranty; Indemnification. 

(a) Subject to the other provisions of this Article VII, Seller shall indemnify, defend and hold harmless Buyer, and its members, partners,
shareholders, managers, directors, officers, Employees, agents, representatives, successors and permitted assigns (the “Buyer Indemnitees”) from and against any and all Liabilities, claims, Taxes, losses, damages, actions,
judgments, interest, award, penalties, fines, costs and expenses (including reasonable costs of investigation and defense and the cost of pursuing any insurance providers and all reasonable attorneys’ fees and disbursements), whether before, on
or after the Closing Date (collectively, “Losses”), of the Buyer Indemnitees to the extent resulting from or arising out of: 

(i) the breach of any representation or warranty of Seller set forth in Article III or Article IV; 

(ii) the breach of any covenant of Seller contained in this Agreement; 

(iii) any Transaction Expenses of the Company or the Seller outstanding as of immediately following the Closing to the extent
not deducted in the determination of the Purchase Price; 
 (iv) any damages or Liabilities imposed on or with respect to, or
incurred by or with respect to, the Buyer Indemnitees, the Company and/or any of the Company Funds, arising out of or relating to the SEC examination of Fifth Street Management LLC and its Affiliates (including the Company) that commenced on or
about October 6, 2015, including any enforcement examinations or actions relating thereto or resulting therefrom, which, for the avoidance of doubt, shall not include any damages or Liabilities related to operation of the Business after the
Closing Date; or 
 (v) Liabilities (including for any indemnification obligations, Proceedings or Taxes) imposed on or with
respect to, or incurred by or with respect to, any of the Company Funds or the Company with respect to any period ending on or before the Closing Date (or, for any period beginning on or before and ending after the Closing Date, all such Liabilities
and obligations to the extent allocable to the portion of such period beginning on or before and ending on the Closing Date). With respect to Taxes, the amount of any Taxes based on or measured by income, receipts or payroll of the Company for the
Pre-Closing Tax Period shall be determined based on an interim closing of the books as of the close of business on the Closing Date, and the amount of other Taxes of the Company for a Straddle Period that relates to the Pre-Closing Tax Period shall
be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator of which is the number of days in such
Straddle Period. 
 (vi) Any damages or Liabilities imposed on or with respect to, or incurred by or with respect to, the
Buyer Indemnitees, the Company and/or any of the Company Funds, arising out of or relating to any failure to comply with the Retention Undertaking during any period ending on or before the Closing Date. 

  
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 (b) Subject to the other provisions of this Article VII, Buyer shall indemnify, defend and hold
harmless Seller and its respective Affiliates, agents, representatives, successors and permitted assigns (the “Seller Indemnitees”) from and against any and all Losses to the extent resulting from or arising out of any of: 

(i) the breach, or any claim by a party other than Seller or the Company that if true would constitute a breach, of any
representation or warranty of Buyer set forth in this Agreement, or 
 (ii) the breach of any covenant of Buyer contained in
this Agreement. 
 Section 7.3 Limitations. 

(a) Notwithstanding anything contained herein to the contrary, Seller shall not be liable in respect of any indemnification obligation for
Losses of the Buyer Indemnitees under Section 7.2(a)(i) (other than in respect of (x) fraud or willful misconduct or (y) breach of any of the Fundamental Representations of Seller) unless and until the aggregate cumulative amount of
Losses for which indemnification would otherwise be available but for this Section 7.3(a) exceeds $150,000 (the “Threshold”), in which case the Buyer Indemnitees will be entitled to recover all Losses from the first dollar.
Seller’s aggregate liability in respect of any indemnification obligation for Losses (i) under Section 7.2(a)(i), other than in respect of (x) fraud or willful misconduct or (y) any breach of the Fundamental Representations
of Seller, shall not exceed the Cap, and (ii) otherwise under this Agreement, shall not exceed the Purchase Price. 
 (b)
Notwithstanding anything contained herein to the contrary, Buyer shall not be liable in respect of any indemnification obligation for Losses of the Seller Indemnitees under Section 7.2(b)(i) (other than in respect of (x) fraud or willful
misconduct or (y) breach of any of the Fundamental Representations of Buyer) unless and until the aggregate cumulative amount of Losses for which indemnification would otherwise be available but for this Section 7.3(b) exceeds the
Threshold, in which case the Seller Indemnitees will be entitled to recover all Losses from the first dollar. Buyer’s aggregate liability in respect of any indemnification obligation for Losses (i) under Section 7.2(b)(i), other than
in respect of (x) fraud or willful misconduct or (y) any breach of the Fundamental Representations of Buyer, shall not exceed the Cap, and (ii) otherwise under this Agreement, shall not exceed the Purchase Price. 

(c) The amount of any indemnification payable under this Article VII shall be reduced by an amount equal to the proceeds actually received by
an Indemnitee under any insurance policy, or from any third party in respect of such claim less all out-of-pocket costs and expenses incurred by such Indemnitee in connection with obtaining such insurance proceeds or third-party recovery (including
reasonable attorneys’ fees, any deductible, any retention, any retroactive premium adjustment on the account of or arising from such claim or Losses, and the present value of any increases in insurance premiums on the account of or arising from
such claim or Losses or the cost of cancellation of such insurance policy and the increased cost for any replacement policy). 

  
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 Section 7.4 Claims Notice. 

(a) (i) Except with respect to Third Party Claims covered by Section 7.4(b), any Buyer Indemnitee or Seller Indemnitee who is entitled
to, and wishes to, make a claim for indemnification for a Loss pursuant to Section 7.2 (an “Indemnitee”) shall give written notice to each Person from whom such indemnification is being claimed (an “Indemnifying
Party”) and, if a Buyer Indemnitee is such Indemnitee, to the Escrow Agent in accordance with the Escrow Agreement, promptly, and in any event no later than five (5) Business Days after it acquires knowledge of the fact, event or
circumstances giving rise to the claim for the Loss. The failure to make timely delivery of such written notice shall not affect the Indemnifying Party’s obligations hereunder, except to the extent such Indemnifying Party is actually prejudiced
by failure to give such notice. Together with such written notice, the Indemnitee shall provide the Indemnifying Party with such information and documents as the Indemnitee has in its possession regarding such claim and all pertinent information in
its possession regarding the amount of the Loss that it asserts it has sustained or incurred and any limitations set forth in this Article VII that apply to such Loss. 

(ii) The Indemnifying Party shall have a period of thirty (30) days after receipt by the Indemnifying Party of such notice and such
evidence to agree to the payment of the Loss to the Indemnitee, subject to such limitations. If the Indemnifying Party does not agree to the payment of the Loss within such thirty (30) day period, the Indemnifying Party shall simultaneously
deliver a notice to the Indemnified Party and, if a Seller is such Indemnifying Party, to the Escrow Agent in accordance with the Escrow Agreement, and the Indemnifying Party shall be deemed not to have accepted the Loss and the parties shall
negotiate in good faith to seek a resolution of such dispute within fifteen (15) days thereafter. If the dispute is not resolved through such negotiations, then any dispute (including as to whether a Loss exists) shall be resolved in accordance
with Section 10.10. If the Indemnifying Party agrees to the payment of the Loss (subject to any limitations set forth in this Article VII that apply to such Loss) within the thirty (30)-day period described above, then it shall, within ten
(10) Business Days after such agreement, pay to the Indemnitee the amount of the Loss that is payable pursuant to, and subject to the limitations set forth in, this Article VII. 

(b) If any claim or action at law or suit in equity is instituted by a third party against an Indemnitee (each, a “Third Party
Claim”) with respect to which such Indemnitee is entitled to, and wishes to, make a claim for indemnification for a Loss under Section 7.2, then such Indemnitee shall promptly, and in any event no later than ten (10) Business Days
after such Indemnitee has knowledge of an assertion of liability from such third party, deliver to the Indemnifying Party a written notice describing, to the extent practicable, such matter in reasonable detail, including the estimated amount of the
Losses that have been or may be sustained by the Indemnitee and any limitations in this Article VII that apply to such Loss. The failure to make timely delivery of such written notice shall not affect the Indemnifying Party’s obligations
hereunder, except to the extent such Indemnifying Party is actually prejudiced by failure to give such timely notice. In any event, such delivery shall be accompanied by all information, documents, and other materials in such Indemnitee’s
possession related to such Third Party Claim. The Indemnitee shall not make any admissions or acceptances with respect to such Third Party Claim without the consent of the Indemnifying Party. The Indemnifying Party may, subject to the other
provisions of this Section 7.4, settle, compromise or defend, at such Indemnifying Party’s own expense and by such Indemnifying Party’s own counsel, any such matter involving the asserted liability of the Indemnitee in respect of the
Third Party Claim. 

  
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If the Indemnifying Party shall elect to settle, compromise or defend such asserted liability, then it shall, within thirty (30) days after such election (or sooner, if the nature of the
asserted liability so requires), notify the Indemnitee of its intention to do so and the Indemnitee shall cooperate to the fullest extent possible, at the request and reasonable expense of the Indemnifying Party, in the compromise of, or defense
against, such asserted liability; provided, that no settlement or compromise of any Third Party Claim shall be made without the prior written consent of the Indemnitee, which shall not be unreasonably withheld, conditioned or delayed except
where such settlement or compromise involves only the payment of money and the full release of any and all claims against the Indemnitee and only to the extent that such money is paid by the Indemnifying Party. The Indemnifying Party shall not be
released from any obligation to indemnify the Indemnitee hereunder with respect to such asserted claim without the prior written consent of the Indemnitee, unless the Indemnifying Party shall deliver to the Indemnitee a duly executed agreement
settling or compromising such claim with no monetary liability to, or injunctive relief against, or other obligation of or limitation on the Indemnitee. The Indemnifying Party shall have the right, except as provided below in this Section 7.4,
to conduct and control the defense of any Third Party Claim. Subject to the following sentence, all costs and fees incurred with respect to any such claim shall be borne by the Indemnifying Party. The Indemnitee shall have the right to participate
in, but not control, at its own expense, the defense, compromise or settlement of any such Third Party Claim; provided, however, that if there exists or is reasonably likely to exist a conflict of interest that would make it
inappropriate, in the judgment of legal counsel to the Indemnitee, for the same counsel to represent both the Indemnitee and the Indemnifying Party, or if the Indemnitee may have available to it one or more defenses or counterclaims that are
inconsistent with one or more of the defenses or counterclaims that may be available to the Indemnifying Party, or if the Indemnifying Party fails to diligently defend and prosecute such Third Party Claims, then the Indemnitee shall be entitled to
retain its own counsel in each jurisdiction for which the Indemnitee determines counsel is required, at the expense of the Indemnifying Party. If the Indemnifying Party shall choose to defend any claim, then the Indemnitee shall make available to
the Indemnifying Party any books, records or other documents within its direct or indirect control that relate to the defense of such matter, and cooperate in all reasonable ways with, and cause its Employees and advisors and other personnel
available or otherwise render reasonable assistance to, the Indemnifying Party and its agents. 
 (c) With respect to any Losses under
Section 7.4(a) and (b), if the Indemnitee is a Buyer Indemnitee the payment of the Loss shall be paid as follows: (i) first from the Escrow Amount (to the extent of amounts in the Escrow Amount) by the Escrow Agent as provided in the
Escrow Agreement and (ii) subject to Section 7.3(a)(i), if the funds in the Escrow Amount are inadequate, the Indemnifying Party shall thereupon pay the Indemnitee for all Losses in excess of the Escrow Amount for which Seller is required
to indemnify Buyer Indemnitees hereunder, on demand, in cash. 
 Section 7.5 Exclusive Remedy. Except as may be otherwise
specifically provided elsewhere in this Agreement, other than in respect of the claims resulting from fraud arising out of this Agreement or the right to seek specific performance for a breach of a covenant or agreement to be performed by a Party
hereto following the Closing, the provisions of this Article VII shall be the sole and exclusive remedy of the Parties hereto with respect to any and all claims arising out of or in connection with a breach of any representation, warranty, covenant
or agreement made by Seller or Buyer in this Agreement. 

  
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 Section 7.6 Effect of Investigation. Each Indemnitee’s right to indemnification,
payment, reimbursement or other remedy based upon any representation, warranty, covenant or obligation of the Indemnifying Party will not be affected or deemed waived by reason of any investigation conducted by or on behalf of the Indemnitee
(including by any of its agents or representatives) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, or by reason of the fact that the Indemnitee or any of its agents or representatives knew or
should have known, whether before or after the execution and delivery of this Agreement or the Closing Date that any such representation, warranty, covenant or obligation is, was or might be inaccurate or by reason of the Indemnitee’s waiver of
any condition set forth in Article VIII. 
 Section 7.7 Tax Treatment. Except as otherwise required by applicable Law, the
Parties agree to treat any payment made pursuant to this Article VII as an adjustment to the Purchase Price for all Tax purposes. 

Section 7.8 Indemnity Payment. Any payment required pursuant to this Article VII shall be made promptly (and in any event no later
than ten (10) Business Days) following (a) settlement of any claim in accordance with Section 7.4 or (b) entry by a court of competent jurisdiction of a final and non-appealable judgment or order or judgment or order not timely
appealed by wire transfer of immediately available funds to such account designated by the Indemnitee in writing at least three (3) Business Days prior to the expiry of such 10-day period. 

ARTICLE VIII 

CONDITIONS TO THE CLOSING 

Section 8.1 Conditions to Obligations of Each Party. The respective obligations of Seller and Buyer to consummate the Transactions
are subject to the satisfaction (or waiver in writing by Seller and Buyer) as of the Closing of the following conditions: 
 (a) At the
Closing, there shall be no (i) injunction, restraining order or decree of any nature of any Governmental Authority of competent jurisdiction in effect that restrains or prohibits the acquisition of the Purchased Interests hereunder or the
consummation of the Transactions, or (ii) pending or threatened in writing Proceeding by any Governmental Authority of competent jurisdiction which seeks to restrain or prohibit the acquisition of the Purchased Interests hereunder or the
consummation of the Transactions. 
 (b) At the Closing, all Governmental Approvals, if any, required for the execution and delivery of this
Agreement by Seller and Buyer, and for the consummation of the Transactions at the Closing, shall have been obtained and be in full force and effect. 

Section 8.2 Additional Conditions to the Obligations of Buyer. The obligations of Buyer to consummate the Transactions are subject
to the satisfaction (or waiver in writing by Buyer) as of the Closing of each of the following additional conditions: 
 (a) Each of the
representations and warranties of Seller contained in Articles III and IV of this Agreement (other than the Fundamental Representations and any representations and warranties which are qualified by “materiality”, “Material Adverse
Effect” or a derivative thereof) shall be true and correct in all material respects as of the date hereof and as of the Closing Date (except to the extent that any representation and warranty is made as of a specified date other than the
Closing Date, in which case such representation and warranty shall be true and correct in all material respects as of such specified date), and each of the 

  
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Fundamental Representations and each of the representations and warranties which are qualified by “materiality”, “Material Adverse Effect” or a derivative thereof shall be
true and correct in all respects as of the date hereof and as of the Closing Date (except to the extent that any such Fundamental Representation or representation and warranty is made as of a specified date other than the Closing Date, in which case
such Fundamental Representation or other representation and warranty shall be true and correct in all respects as of such specified date). 

(b) Seller shall have performed in all material respects all obligations and agreements, and complied in all material respects with each of
the covenants, contained in this Agreement to be performed or complied with by Seller prior to or at the Closing Date. 
 (c) The Buyer
shall have received a certificate from Seller, dated the Closing Date, to the effect that the conditions specified in Sections 8.2(a), (b), (e) and (k) have been fulfilled. 

(d) Seller shall have obtained the Required Consents and the other Consents set forth on Schedule 4.3. 

(e) As of the Closing Date (i) the aggregate of the Market Values for the assets owned by each Company Fund shall equal at least 95% of
the aggregate of the Market Values for the assets owned by such Company Fund as of the date of this Agreement as set forth on Schedule 4.15(a), which aggregate Market Values will be calculated in a manner consistent with the calculation of
the Market Values for the assets owned by each Company Fund set forth on Schedule 4.15(a) and (ii) there shall have been no downgrade or withdrawal of ratings with respect to any of the Secured Notes nor shall any such downgrade or
withdrawal be pending. 
 (f) Seller shall have delivered to Buyer resignations of the officers, managers, directors and trustees, as
applicable, of the Company and each Company Fund set forth on Schedule 8.2(f) in form and substance reasonably satisfactory to Buyer. 

(g) Seller shall have delivered to Buyer evidence of the termination of the Employee Sharing Agreement, dated as of October 2, 2015, by
and between the Company and FSC CT LLC and the termination of all Employees in form and substance reasonably satisfactory to Buyer. 
 (h)
Since the date hereof, there shall not have occurred and be continuing a Material Adverse Effect. 
 (i) No Governmental Authority has
instituted or threatened to institute any Proceeding against the Company. 
 (j) [reserved]. 

  
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 (k) Seller shall have delivered to Buyer evidence of the payment and termination of all of the
Company’s intercompany obligations and executed releases of the issuers or holders of such intercompany obligations in form and substance reasonably satisfactory to Buyer. 

(l) Seller shall have delivered evidence reasonably satisfactory to Buyer that the Company shall have been made the Designated Manager. 

(m) Seller shall have delivered to Buyer a copy of the Tail Policy, which will be in effect as of the Closing. 

(n) Seller shall have delivered to Buyer evidence reasonably satisfactory to Buyer of the termination and extinguishment of the Fifth Street
EIV Side Letter. 
 (o) Seller shall have delivered to Buyer evidence of the full and complete discharge and release of all guarantees under
the Holdings Credit Agreement given by the Company. 
 (p) Authority in respect of all bank accounts of the Company shall have been
transferred to Buyer in form and substance reasonably satisfactory to Buyer. 
 (q) Seller shall have delivered to Buyer the Closing Loan
Tapes. 
 (r) To the extent that the Credit Parties have not consented to the transactions contemplated hereby, the payment in full by the
Company of all amounts outstanding under the Credit Agreement (and corresponding termination of the Credit Agreement and all Encumbrances and obligations thereunder). 

(s) The Escrow Agreement shall have been executed and delivered by Seller and the Escrow Agent. 

(t) Seller shall have delivered to Buyer evidence reasonably satisfactory to Buyer that Vector Capital and the Company have entered into a
legally binding agreement for the settlement of all equity trades between the Company Funds and Vector Capital. 
 (u) Seller shall have
delivered to Buyer evidence that it has filed with the SEC a completed Form ADV-W of the Company fully withdrawing the Company as a registered investment adviser (as defined in the Advisers Act). 

(v) Seller shall have delivered to Buyer an executed release in the form attached hereto as Exhibit A effective as of the Closing from
the Seller and each of the following individuals: Kerry S. Acocella, Bernard D. Berman, Alexander C. Frank, Steven M. Noreika, Leonard M. Tannenbaum and Ivelin M. Dimitrov. 

(w) Seller shall have delivered to Buyer an acknowledgement from Ivelin M. Dimitrov to the Company in a form reasonably satisfactory to Buyer
that the Company is not counterparty to, and has no payment obligations to him in connection with the transactions contemplated hereby under his Employment Offer Letter dated as of March 1, 2017. 

  
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 Section 8.3 Additional Conditions to the Obligations of Seller. The obligation of
Seller to consummate the Transactions is subject to the satisfaction (or waiver in writing by Seller) as of the Closing of each of the following additional conditions: 

(a) Each of the representations and warranties of Buyer contained in Article V (other than the Fundamental Representations made by Buyer and
any representations and warranties which are qualified as to “materiality” or a derivative thereof) shall be true and correct in all material respects as of the date hereof and as of the Closing Date (except to the extent that any
representation and warranty is made as of a specified date other than the Closing Date, in which case such representation and warranty shall be true and correct in all respects and complete in all material respects as of such specified date), and
the Fundamental Representations and representations and warranties which are qualified by “materiality” or a derivative thereof shall be true and correct in all respects as of the date hereof and as of the Closing Date (except to the
extent that any such Fundamental Representation or representation and warranty is made as of a specified date other than the Closing Date, in which case such Fundamental Representation or other representation and warranty shall be true, correct, and
complete as of such specified date). 
 (b) Buyer shall have performed in all material respects all obligations and agreements, and complied
in all material respects with each of the covenants, contained in this Agreement to be performed or complied with by Buyer prior to or at the Closing Date. 

(c) Seller shall have received a certificate of Buyer, dated the Closing Date, executed on behalf of Buyer, to the effect that the conditions
specified in Sections 8.3(a) and 8.3(b) have been fulfilled. 
 (d) Buyer shall have paid the Estimated Purchase Price to Seller in
accordance with Section 2.1. 
 (e) Buyer shall have duly executed the Escrow Agreement. 

ARTICLE IX 

TERMINATION OF AGREEMENT 

Section 9.1 Termination. 

(a) This Agreement may be terminated on or prior to the Closing as follows: 

(i) by written consent of each of Seller and Buyer; 

(ii) by Buyer if there has been a material breach of any representation, warranty, covenant or agreement contained in this
Agreement on the part of Seller and such breach has not been cured within ten (10) Business Days after written notice to Seller (provided that no cure period shall be required for a breach that by its nature cannot be cured), such that
the conditions set forth in Section 8.1 or Section 8.2 cannot be satisfied at or prior to the date set forth in Section 9.1(a)(v) below; provided that the right to terminate this Agreement under this Section 9.1(a)(ii)
shall not be available in the event Buyer is in material breach of its representations, warranties, covenants or agreements under this Agreement at the time of such intended termination; 

  
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 (iii) by Seller if there has been a material breach of any representation,
warranty, covenant or agreement contained in this Agreement on the part of Buyer and such breach has not been cured within ten (10) Business Days after written notice to Buyer (provided that no cure period shall be required for a breach
that by its nature cannot be cured) such that the conditions set forth in Section 8.1 or Section 8.3 cannot be satisfied at or prior to the date set forth in Section 9.1(a)(v) below; provided that the right to terminate this
Agreement under this Section 9.1(a)(iii) shall not be available in the event Seller is in material breach of its representations, warranties, covenants or agreements under this Agreement at the time of such intended termination; 

(iv) at the election of Seller, on the one hand, or Buyer, on the other hand, if consummation of the Transactions would violate
any non-appealable final judgment, order, writ or injunction of a Governmental Authority having competent jurisdiction; or 

(v) by Buyer or Seller if the Closing has not occurred on or before July 20, 2017; provided that the right to
terminate this Agreement under this Section 9.1(a)(v) shall not be available to any such Party whose failure to perform any covenant or obligation hereunder or other breach has caused or resulted in the failure of the Closing to occur on or
before such date. 
 (b) The termination of this Agreement, pursuant to this Section 9.1, shall be effectuated by the delivery by the
applicable Party or Parties terminating this Agreement to each other Party of a written notice of such termination. If this Agreement so terminates, it shall become null and void and have no further force or effect, and there shall be no liability
on the part of any Party or their respective managers, directors, officers, Affiliates or representatives following termination of this Agreement, except that (i) nothing in this Agreement shall relieve any Party from liability to the extent
that failure to satisfy the conditions of Article VIII results from a breach of any covenant or agreement made by such Party and (ii) the provisions of Section 6.2, Section 6.3, and Article X shall survive the termination of this
Agreement. 
 ARTICLE X 

MISCELLANEOUS 

Section 10.1 Amendments; Waiver. This Agreement may not be amended, altered or modified except by written instrument executed by
each of Seller and Buyer. The failure by any Party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision nor in any way to affect the validity of this Agreement or any
part hereof or the right of such Party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance. The
observance of any provision of this Agreement may be waived in writing by the Party that will lose the benefit of such provision as a result of such waiver. 

  
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 Section 10.2 Entire Agreement. This Agreement and the Ancillary Agreements,
constitute the entire understanding and agreement of the Parties relating to the subject matter hereof and supersede all prior understandings or agreements, whether oral or written among the Parties with respect to such subject matter, other than
the Confidentiality Agreement. 
 Section 10.3 Severability. Should any provision of this Agreement or the application thereof
to any Person or circumstance be held invalid or unenforceable to any extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such unenforceability or prohibition and shall be enforced to the greatest extent
permitted by Law, (b) such unenforceability or prohibition in any jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to other Persons or circumstances or (ii) in any other jurisdiction, and
(c) such unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement. The Parties agree to use good faith efforts to replace such invalid or unenforceable provision of this Agreement with a valid and
enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable provision. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable. 
 Section 10.4 Notices. All notices and other
communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made (a) if personally delivered, when so delivered, (b) if mailed, two (2) Business Days after having been sent by first
class, registered or certified U.S. mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below, (c) if given by email, once such notice or other communication is transmitted to the email address
specified below, provided that (i) the sender receives no evidence reasonably indicating delivery was unsuccessful, (ii) such notice or other communication is promptly thereafter mailed in accordance with the provisions of clause
(b) above, and provided further, that if such notice is sent after 5:00 p.m. local time at the location of the recipient, or is sent on a day other than a Business Day, such notice or communication shall be deemed given as of 9:00 a.m. local
time at such location on the next succeeding Business Day or (d) if sent through a nationally-recognized overnight delivery service which guarantees next-day delivery, the Business Day following its delivery to such service in time for next
day-delivery: 
 If to Buyer: 

NewStar Financial Inc. 

500 Boylston Street 

Boston, Massachusetts 02116 

Attention: Robert K. Brown 

Email: rbrown@newstarfin.com 

With copies (which shall not constitute notice) to: 

Seward & Kissel LLP 

One Battery Park Plaza 

New York, New York 10004 

  
 50 

 Attention: Greg Cioffi 

    Craig A. Sklar 

Email: cioffi@sewkis.com 

   sklar@sewkis.com 

If to Seller: 

Fifth Street Holdings L.P. 

777 West Putnam Avenue, 3rd Floor 

Greenwich CT 06830 

Email: len@fifthstreetfinance.com and bernie@fifthstreetfinance.com 

With copies (which shall not constitute notice) to: 

Dechert LLP 

1095 Avenue of the Americas 

New York, New York 10036 

Attention: Sean Solis and Tony Chan 

Email: sean.solis@dechert.com and tony.chan@dechert.com 

or such other address or email address as shall be designated from time to time by written notice in accordance with this Section 10.4 by the Person
entitled to such notice. 
 Section 10.5 Binding Effect; No Assignment. This Agreement shall inure to the benefit of and be
binding upon the Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by any of the Parties without the prior written consent of the other Parties and any purported assignment or other transfer
without such consent shall be void and unenforceable. 
 Section 10.6 Counterparts. This Agreement may be executed by facsimile
or .pdf format scanned signatures and in any number of counterparts with the same effect as if all signatory Parties had signed the same document. All counterparts shall be construed together, be deemed an original, and shall constitute one and the
same instrument. 
 Section 10.7 No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any
Person other than the Parties, the Buyer Indemnitees (solely in their capacity as indemnified parties hereunder), the Seller Indemnitees (solely in their capacity as indemnified parties hereunder), and their respective successors and permitted
assigns. 
 Section 10.8 Specific Performance. 

(a) The Parties hereby acknowledge and agree that the failure of any Party to perform its agreements and covenants hereunder, including its
failure to take all actions as are necessary on its part to the consummation of the Transactions, will cause irreparable injury to the other Party, for which damages, even if available, will not be an adequate remedy and accordingly each Party
hereto will be entitled to an injunction or injunctions or specific performance at any time after, at or prior to the Closing to prevent such breaches of the 

  
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 provisions of this Agreement and to enforce specifically the terms and provisions hereof. Each Party agrees not
to assert, and hereby waives, in any action seeking specific performance or injunctive relief, the defense of adequacy of a remedy at law. Each Party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction as
provided in Section 10.10 to compel performance of such Party’s obligations and to the granting by any court of the remedy of specific performance of its obligations hereunder without proof of actual damages and without any requirement for
the securing or posting of any bond. 
 (b) For the avoidance of doubt, the remedy set forth in Section 10.8(a) shall be available to
Buyer or Seller at any time, whether before, at or after Closing. Prior to Closing, in addition to the remedy set forth in Section 10.8(a), the Parties may pursue any other remedy available to a party at law or equity. From and after the
Closing, the Parties may only pursue the remedies permitted by Section 7.5 (which remedies include, for the avoidance of doubt, the remedy described in Section 10.8(a)). 

Section 10.9 Governing Law. This Agreement, the legal relations among the Parties hereunder and the adjudication and the
enforcement thereof, shall in all respects be governed by, and interpreted and construed in accordance with, the Laws (excluding conflict of laws rules and principles) of the State of New York applicable to agreements made and to be performed
entirely within such State, including all matters of construction, validity and performance. 
 Section 10.10 Consent to
Jurisdiction; Waiver of Jury Trial. Each of the Parties irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the borough of Manhattan in the City of New York, or
if such court does not have jurisdiction, the Supreme Court of the State of New York, New York County, for the purposes of any suit, action or other Proceeding arising out of this Agreement or any transaction contemplated hereby. To the extent that
service of process by mail is permitted by applicable Law, each Party irrevocably consents to the service of process in any such suit, action or other Proceeding in such courts by the mailing of such process by registered or certified mail, postage
prepaid, at its address for notices provided for herein. Nothing herein shall affect the right of any Person to serve process in any other manner permitted by Law. Each of the Parties irrevocably and unconditionally waives any objection to the
laying of venue of any action, suit or Proceeding arising out of this Agreement or the transactions contemplated hereby in (a) the United States District Court for the Southern District of New York or (b) the Supreme Court of the State of
New York, New York County, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or Proceeding brought in any such court has been brought in an inconvenient forum. The
Parties hereby irrevocably and unconditionally waive trial by jury in any legal action or Proceeding relating to this Agreement or any other agreement entered into in connection therewith and for any counterclaim with respect thereto. 

[Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date
first above written. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	/s/ Robert K. Brown
		 	Name: Robert K. Brown
		 	Title: Managing Director
	
	FIFTH STREET HOLDINGS, L.P.
		
	By:	 	/s/ Ivelin M. Dimitrov
		 	Name: Ivelin M. Dimitrov
		 	Title: Head of Fifth Street CLO Management LLC

 [Signature Page to Purchase Agreement]

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